- Bargaineering - http://www.bargaineering.com/articles -
ChoicePoint Fined $15M for Identity Thefts
Posted By Jim On 01/26/2006 @ 6:46 pm In Credit,Government,Personal Finance | 3 Comments
ChoicePoint Inc. is one the largest data aggregators of personal identity information and last year it admitted to releasing/selling data on approximately 163,000 records to fake debt collection, insurance and check-cashing companies created solely to steal the information. While an accident is an accident, ChoicePoint failed to adequately check these fraudulent businesses before sending over the information. Today, they agreed to pay out approximately $15 million. Of that, $10M is in the form of a civil penalty and the remaining $5M will be used to compensate consumers. Essentially it cost ChoicePoint $92.02 per record that they revealed.
At $92.02 each…
And finally, CardSystems Solutions you win the biggest prize for losing 40M records  with a final score of $3,680,800,000.
Looks like ChoicePoint got off easy!
If you’re interested, I have written a whole bunch of articles about identity theft .
Article printed from Bargaineering: http://www.bargaineering.com/articles
URL to article: http://www.bargaineering.com/articles/choicepoint-fined-15m-for-identity-thefts.html
URLs in this post:
 Tweet: http://twitter.com/share
 Email: mailto:?subject=http://www.bargaineering.com/articles/choicepoint-fined-15m-for-identity-thefts.html
 losing 230,000 records: http://www.bargaineering.com/articles/ameriprise-loses-data-for-230k.html
 310,000 records it had compromised: http://msnbc.msn.com/id/7475594/
 losing 1.2M records of federal employees: http://www.msnbc.msn.com/id/7032779/
 a tape containing 3.9M records: http://money.cnn.com/2005/06/06/news/fortune500/security_citigroup/
 losing 40M records: http://news.com.com/Credit+card+breach+exposes+40+million+accounts/2100-1029_3-5751886.html
 whole bunch of articles about identity theft: http://www.bargaineering.com/articles/index.php?s=identity+theft
Thank you for reading!