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Rating:Wells Lets Slip Strong Account Info Not Rated 0.0 Email Routing List Email & Route  Print Print
Monday, May 09, 2005

Wells Lets Slip Strong Account Info

by: Sean Hanna, Editor in Chief

The recent spate of compromises in personal information entrusted to corporate America has reached the fund industry, again. And, once again, Well Fargo admitted the breach. This time the bank said that information about Strong Capital brokerage clients was sent into the wrong hands when the bank mis-stuffed envelopes.

This is the second time that Wells Fargo let Strong shareholder data out of the bag, reports the San Franciso Chronicle. In January, the bank said it lost a binder of personal information about Strong Fund shareholders when it was stolen along with an employee's car.

The latest misdirected data event occurred on April 23 when the bank sent guides that were intended to help former Strong brokerage clients make a seamless move to Wells Fargo. Those letters included the clients’ new brokerage account numbers and account balances as well as their name and address.

Some of these brokerage customers may be pardoned for seeing the transition as less then smooth. According to Wells Fargo, "a small number of these letters was misdirected due to an envelope stuffing error during the printing and mailing process."

That "means that some of our new clients do not have the important information they need to get started with their new WellsTrade account," the bank wrote in a follow-up letter.

So far, there have been no reported incidents of fraud stemming from either incident.

The news reports also point out another potential new issue for financial services companies, or at least for those operating in California. The state enacted a law recently that requires public disclosure of losses of personal data making it relatively easier for reporters to find out about and report on these incidents.  

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