Who would expect a bank, rather than some shadowy hacker, to misuse your personal information?
Wells Fargo reached a $185 million settlement Thursday for what federal officials called a widespread illegal practice among employees of creating fake customer accounts, PIN numbers and emails in order to meet sales targets and earn bonuses.
What Wells Fargo did
Wells Fargo employees opened roughly 1.5 million bank accounts and about 565,000 credit card accounts that may not have been authorized by consumers, according to the Consumer Financial Protection Bureau, which cited figures from the bank’s own investigation that reviewed accounts from 2011 to 2015. Read more...
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