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Bank with JP Morgan Chase?

Tampabay
in Off-Topic


J.P. Morgan doesn’t plan to inform victims of cyber attack
Published: Oct 4, 2014 8:45 a.m. ET


With two-thirds of U.S. households impacted, consumers must be vigilant
By

Priya
Anand

Consumer fraud reporter



Reuters

J.P. Morgan Chase won’t notify those customers who have been affected by its summer security breach — estimated to be two-thirds of U.S. households — that their personal information was exposed, a spokesperson for the bank told MarketWatch.

When asked why, the spokesperson said, “That’s just what we’re doing.”


ARTICLE:http://www.marketwatch.com/story/jp-morgan-doesnt-plan-to-inform-victims-of-cyber-attack-2014-10-04






Comments

  • LLJB
    Frankly this is just shocking if true. I guess I hadn't made the specific connection before but I have a Chase credit card and I'm going to do some checking and would plan to close my account if there's some risk I've been affected and they're not going to bother informing me about it. It seems to me regardless of whether there's a legal requirement to inform potential victims, its an incredibly bad business decision not to communicate with your customers when there's a problem.
  • InformalEconomist
    Chase sent me two new cards, with new numbers, a month apart (the second superseding the first) at the middle and end of summer -- before the expiration date of the previous card.
    That could be an answer of sorts, though there was no unauthorized activity on my account. Yet.
  • Derf
    Very interesting ! Only notice I received was a change in their rewards points.
    InformalEconomist, did you have a large number of purchases at Home Depot ?
    Derf
  • jlev
    I wonder if they're waiting to make sure they have found all the breaches before reporting them
  • InformalEconomist
    Derf said:

    Very interesting ! Only notice I received was a change in their rewards points.
    InformalEconomist, did you have a large number of purchases at Home Depot ?
    Derf

    No, none at all on the Chase card. I think the multiple account-number switching related specifically to the Chase hack.
    I too am concerned that Chase is not revealing much.
    I did get an anxious query from Chase on almost every purchase of any moderate size (as I recall, even under $100).

  • VintageFreakVintageFreak
    Guys, financial institutions are all the same. This is the price we pay to live in the real world. This is not about Chase. It could be just about any bank, and if you have any other expectations, you are kidding yourself. They will always skirt around legal responsibility and will never acknowledge an iota of moral responsibility. A "corporation" does that quite conveniently.
  • Old_JoeOld_Joe
    "A "corporation" does that quite conveniently. " Now that doesn't seem at all fair, being that the supremes just told us that they're actually people, just like everyone else.
  • Old_JoeOld_Joe
    Given the numbers involved, maybe JP Morgan is just going to advise those who WEREN'T affected!
  • msf
    VintageFreak said:

    Guys, financial institutions are all the same. This is the price we pay to live in the real world. This is not about Chase. It could be just about any bank, and if you have any other expectations, you are kidding yourself. They will always skirt around legal responsibility and will never acknowledge an iota of moral responsibility. A "corporation" does that quite conveniently.

    In part, this is about the price we pay for living in the US, where corporations externalize their costs and internalize their profits. The rest of the world went to chip-and-pin cards years ago; the best the US banks can do even now is chip-and-signature. They would rather externalize the cost of security (by wasting our time and effort with frequent card replacements) than pay for the more secure technology.

    This is not the immediate problem with the Chase breach. But it does serve to show that such problems are more severe because of deliberate choices of US corporations to shift their costs to us.

    47 states have laws requiring notification when personal information that could facilitate identity theft is stolen. It appears that JPMorgan Chase is taking the position that no account numbers, SSNs, DOB, passwords,etc. were stolen, so personal identities were not compromised. That is, it escapes the state laws requiring notification. Hopefully, not public scrutiny.
  • JohnChisum
    Ever since 2008, I have had no reason to patronize the big boys anymore. There are better choices out there. I use Schwab Bank and have no issues at all and no matter where I am I get good customer service. Credit unions are another option.

    There are some I know that don't have an option. Hopefully that will change some day.
  • msf
    FWIW, Schwab bank doesn't issue a credit card, and the one that it did issue was run by BankAmerica (which ultimately branded it as its own card). Fidelity's cards, likewise, are run by FIA Card Services, a BankAmerica subsidiary.

    It looks like Schwab's debit card is run in house, though Fidelity's is marked PNC Bank. That could be because Fidelity (unlike Schwab) doesn't operate its own bank.

    Also found this site that suggests you can now get chip-and-pin with the Schwab debit card. Bravo.
  • JohnChisum
    @msf, Thanks for that info. I never applied for their credit card. I'm wondering how the chip and pin would help me with ATM withdrawals which is what I use it for the most?
  • msf
    What I've read is that so far, the one place where chip-and-pin is essential is at automated vending machines (e.g. rail tickets) in Europe and possibly Asia. So long as there's a human being handling the transaction, chip-and-signature or even mag strip will generally work.

    Here's a good page on the differences between chip and pin, and chip and signature, and what each one does for you:
    http://www.cardhub.com/edu/chip-and-pin-vs-chip-and-signature/

    What I prefer for ATM withdrawals (which curiously the big banks seem to be able to accommodate though Schwab does not) is a non-debit ATM card. These "old-style" ATM cards cannot be used as "credit" (signature-based) cards, but always require the use of a PIN.

    Fidelity doesn't offer an ATM-only card either (just a debit card). But their old (1990s) card was a free (real) Amex Gold card that could be used to get cash from an ATM.

    The transaction was technically considered a charge (not a withdrawal), which was automatically paid nightly from your Fidelity account. Consequently, it got all the protections of a charge/credit card; it was not drawing cash directly from a brokerage account. Membership has its privileges:-)
  • VintageFreakVintageFreak
    JohnChisum said:

    Ever since 2008, I have had no reason to patronize the big boys anymore. There are better choices out there. I use Schwab Bank and have no issues at all and no matter where I am I get good customer service. Credit unions are another option.

    There are some I know that don't have an option. Hopefully that will change some day.

    True. I have two small bank accounts. The one big bank account I have is just for accessibility. There was a while when small bank accounts were waiving fees in ATMs. However the way I think it, that eats into my small bank profits, which it might otherwise give me back as better interest rate.
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