Identity Concern
On the occasion of my 5th anniversary, I bought one of those “one share of stock in a frame” gifts for Carolyn. I bought Disney stock, in honor of our honeymoon.
Yesterday I got a letter from Bank of New York Mellon Shareholder Services. They lost a backup tape back in February 2008 that contained my name, address, social security number, and stock ownership information. They state that they don’t believe that the information was misused but they are offering me free credit monitoring for 24 months and $25,000 of identity theft insurance. They will also pay any costs associated with placing a security freeze on my credit report and removing it once.
Now, I understand the need for this. I am an IT manager, and I know how tapes can be lost. What concerns me is the fact that the BNY Mellon Shareholder Services folks didn’t encrypt the information in their system. I completed a project several years ago to encrypt all credit card information within our company.
Watch your credit, folks.
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