Security threats Toolkit

Story: HSBC's bankrupt security thinking

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HSBC's comments on online security make as much sense as asking a gangsters opinion on law enforcement, except for the fact that these crooks operate on a scale that would have shocked AL Capone. Your info is not safe with many lenders Hsbc is well know for there connections with Ameriquest which was nailed by 49 states attorney generals for fraudulent practices. Paying attention to privacy and sharing disclosures and agreements is a good idea because often in the fine print is info about sharing with afifiliates, subisidiaries etc.. Perhaps the trouble might just be annoying like unwanted solicitation from an insurance company, credit card company, credit counselor etc. you had no idea was an associate of the lender you just applied for a loan to, but criminal lending institutions such as BOA, Ameriquest, HSBC often employ sophisticated analytics programs to peretrate quasi or even full blown illegal transactions , the consequences of which might leave you wishing you were a victim of identity theft instead.

The main point encrypted, online banking two way authentication all these securitity measures can give the clients a very false sense of security when the truth is disreputable lenders can engage in any sort of crime from perhaps adding a few extra charges to your credit card to targeting your business or personal assets particularly though your mortgage. Cash out refies, reverse mortgages, home imprivement loans etc.

Just knowing the law and reveiwing the contracts and being carefull with your info is not enough because your info is circulated
to many sources and is often illegally sold.

When picking an online bank or applying for loans ,credit purchases etc. check their reputation though consumer agencies such as rippoff report or do an intenet search something like (lender/banks name) and keywords like lawsuits, criminal allegation ,settlements etc. Online security is only small part of the picture, and so is hacking by what most people percieve as typical hackers.

I'm a full time finacial institution fraud investigator, and HSBC engages in many illicit practices.

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