I just got a letter from my bank (CIBC) stating that since I never use my very high maximums for direct payment and cash withdrawls off my ATM card, they’re lowering my limits for these transactions to make me less susceptible to damages should fraud on my account occur.
I’ve never known a financial institution to restrict one’s access to money (especially since they make a bundle of interest off of me with the overdraft I stupidly go into) for whatever reason. I immediately suspected that they knew something I didn’t about my credit. I was initially worried.
But mere hours after I opened the letter, a news story broke about how CIBC’s customers’ information has been mistakenly being faxed to a junkyard in North Virginia – meaning that my account and personal information is in the hands of someone else. This person, luckily, seems to be a little scrupulous – or at the very least, has realized that by keeping the information safe and in good faith, his lawsuit against the bank for putting a strain on his business by faxing incessantly, is much stronger than if he sold it to some identity thief.
Of course, I’m still pissed at the bank. I’m glad I keep fairly meticulous records, and would know if anything were amiss with any of my account. Though this situation is no worse than that time a couple years ago that Royal Bank left boxes of customer information (not shredded or otherwise protected) out by a dumpster to be picked up at some point.
But now, instead of pure, unadulterated rage at the situation, I’m having the reaction that the bank is taking their fraud management seriously and being proactive (even though they’re obviously not), just because I opened the letter before I heard the story.
I’m also farily well schooled in media and propaganda. I did a damn degree in it, so I really should be. I’m just wondering how many other people will be placated by the “new security measures” rather than being as angry as they should about the blatent abuse of their privacy and security.