Monday, June 06, 2005

Citigroup, UPS Lose Information on 3.9 million consumers

Citigroup said Monday that personal information of 3.9 million of its consumers has been misplaced. Experts are calling this the single largest loss of personal information by any company yet.

The information, which was not encrypted, was stored on tapes and being sent to a credit bureau via UPS, which apparently has lost track of the package containing the tapes.

Both Citigroup and UPS have apologized for the loss of information.

There have no reports of identity theft as result of the breach, yet.

Citigroup has sent its customers a letter saying the lost tapes included Social Security numbers, names, account history and loan information.

Citigroup believes that the risk of identity theft is small for these consumers, who were applying for loans.

The company also stated that: "Beginning in July, this data will be sent electronically in encrypted form."

Better late than never.

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