The other day I received a letter from Wells Fargo about a small investment account of mine that they now hold. I actually had opened the account with a brokerage company. Wachovia took them over a few years ago, and then Wells Fargo took over Wachovia. You know how that goes. Back to the letter...
The letter started with an alarming header "Information Compromise Including Your Social Security Number" and then began by saying: "Regretfully, we have learned that confidential information about your closed brokerage account was improperly removed from a brokerage office by an associate who left Wachovia Securities in June of 2008 to go to work for another employer."
I subscribe to Lifelock, but even so, one never feels good learning something like this. At the very least, it means there might be work to be done and time to be spent on insuring that nothing would come of it all.
As I read on, my feeling of angst turned into anger. You see, the letter went on to pitch their own identity protection service.
"Wells Fargo Advisors takes information security very seriously and, although there is no indication that your information has been misused, we encourage you to take the steps outlined in this letter...to reduce any potential risk to you." It goes on to name its product and even offers me a free one year subscription to it so long as I sign up by December 31st.
Yes, Wells Fargo actually felt it necessary to pitch their product by yelling "fire" rather than just explaining its merits. Given the fact that they say "of course you will not be responsible for improper or unauthorized charges related to this situation should any occur", their tactics are stupid at best and unethical at worst.
I'll give Lifelock a call to advise them of all this just to be safe, and then...then, I'll be calling Wells Fargo to let them know how I feel about their tactics and that I'll be closing my account with them.