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December 30, 2005
ABN Amro To Transfer Data Over Secure Network
ABN Amro Mortgage Group is to switch to using secure electronic networks to send its customer data to credit bureaus after losing a tape with the details of over 2 million customers. The tape, with the names, account details, payment histories and social security numbers of the bank’s residential mortgage customers, was lost for four weeks at a DHL facility while in transit but did not seem to have been tampered with. Ironically, ABN Amro was at the time about a month away from completing a secure data network to transfer encrypted data to its credit reporting bureaus.
In spring 2005, ABN Amro set the goal of using secure electronic networks to transfer customer data instead of relying on data tapes, and of using special couriers to move tapes if the intended recipient is unable to receive data electronically. The particular tape that was lost was to have been electronically encrypted and transferred this month, according to mortgage group CEO Thomas Goldstein. To assist its customers in preventing identity theft, ABN Amro has offered a year’s free enrollment in the credit monitoring service of credit reporting agency Trans Union LLC.
Posted by S. Germain at December 30, 2005 08:17 AM