Following David Camp’s post about The Royal Bank of Scotland pillaging their own customers, it is worth revisiting the Wells Fargo debacle of faking 2 million accounts to pad their results. Wells Fargo quickly settled with the feds for $185 million but defrauded customers will see only $5 million. Now the California Attorney General has launched a criminal investigation into identity theft.
But there is growing concern that this is just the “tip of the iceberg” and that the “pathogens” may “fester in every large corporation”. Indeed, JP Morgan admits they’ve had similar problems. Navy Federal credit union even got a piece of the action.
And it’s not confined to banking. T-Mobile is being fined for misrepresenting data plans. Comcast is being fined for mischarging customers and faces a seven state class action lawsuit for hidden fees even as they begin rolling out data caps to protect their broadcast television service while creating even more fees.
Fortunately, we have the internet, so you can read all you want, ponder the adequacy of regulation and consumer protection in our country today, and see if you can find anyone going to jail for fraud worth over four or five digits.