Data Breach at Fidelity Puts 196,000 at Risk
The New York Times is reporting that a laptop computer owned by Fidelity Investments was stolen. It contained sensitive data on around 196,000 retirement account customers.
The company, the nation's largest mutual fund manager, confirmed reports Thursday that the computer held information on participants in Hewlett-Packard's pension and 401(k) plans and that it had alerted those affected, offering them free credit monitoring for 12 months.The data included names, addresses, birth dates, Social Security numbers and other information.
There is no evidence that the data has been misused, a Fidelity spokeswoman, Anne Crowley, said. Fidelity, which is based in Boston, said it would reimburse account holders for any losses.
About 3 weeks ago, I called Fidelity and told them that 1-year of free credit monitoring is NOT enough. I asked for 3 years, and they promised to get back to me with an answer.
3 weeks went by, and Fidelity didn't lift a finger to contact me. I just got off the phone w/ a Fidelity rep to ask about the status of my request. No soup for me, they said.
Despite my logically flawless argument that their negligent conduct has caused me a LIFETIME of risk, all I ask for is 3 years of added protection.
My complaint with the Better Business Bureau is pending. I urge all of you who were also screwed by Fidelity to file a similar complaint on-line. It will only take you 10 minutes.
Posted by: pjc | Jun 29, 2006 at 10:44 AM
PJC,
Sorry to hear you were victimized. However, you may be eligible for a credit freeze, which is far better protection than credit monitoring.
Also, you are entitled to have a fraud alert placed on your file for up to 7 years with a letter to the CRCs. Fraud alerts are not fully effective, but free and a good idea.
What state do you live in? That will determine the availability of a credit freeze and if it's free to victims. EMail me directly and I'll give you a hand.
Posted by: Tom F | Jun 29, 2006 at 10:49 AM
IL is a good place to be in this case. Victims have the ability to place credit freezes on their credit files which offer the strongest protection (but come with inconvenience as well). After January 1, 2007, this law will apply to all consumers. Victims with police reports do not pay a $10 fee to place, remove or temporarily remove. The new law effective 1, 2007 can be found here: http://www.ilga.gov/legislation/publicacts/fulltext.asp?Name=094-0799. Find more details on credit freezes in IL here: http://www.consumersunion.org/pdf/security/securityIL.pdf (PDF file)
See this article I wrote to learn about freezes versus alerts: http://blog.trustoncorp.com/2006/04/credit_freezes_.html
Posted by: Tom F | Jun 29, 2006 at 12:39 PM