Insurer gets record fine for ID theft disaster
A U.K. insurance house has been slapped with a record fine by the Financial Services Authority (FSA) watchdog for incompetent customer account security.
The latest offender is Norwich Union, which allowed fraudsters to impersonate customers when phoning its call centers, cashing in policies on an astonishing 74 occasions out of a total of recorded 632 attempts. The social engineers -- 11 suspects have now been arrested -- were able to steal a total of $6.6 million during the scam, which took place in 2006.
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