Sunday, March 12, 2006

Contracting Out Faux Pas

Opps. It turns out that Citibank and Wells Fargo outsource, contract out, to a third party their Visa and Bank card security. And guess what happens ?

Breach Of Security Among Debit Card Companies that then screws American visitors when they are out of the country. Suddenly, not their fault, they can't access their bank accounts.

If You Can't Trust Your Bank, Who Can You Trust?

Shortly after I wrote yesterday's story about Citibank's confirmation that a third-party company it does business with had been breached, causing the bank to block PIN-based transactions for customers in Canada, Russia, and the U.K., I started to hear from the people directly affected by the mess this latest data faux pas caused.

I guess this is another example of the Shmoo's theory of contracting out, outsourcing and privatization "being efficient and effective " Tell that to the poor shmook who is trying to pay his cabfare in London and can't get out any cash from the ATM in English pounds.

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