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Bank Of America: The Bank That Cares Less Or The Careless Bank of America?
Whenever the opportunity presents to enlighten consumers of the bad banking practices of the Bank Of America you can rely on this web site to edify our readers. (See BOA September 19, 2007; BOA October 17, 2007 ;
BOA October 24, 2007; BOA November 7, 2007)
In previous articles we have spoken of the security lapses at the web site for Bank of America customers. We’ve found another writer has noticed what we’ve noted and written about Bank Of America and its “illusion of security” for its web sites and accounts.
Bank of America Email Policies Invite Fraud
One good way to fight bank email phishing is to send all your official bank email from servers whose forward confirmed reverse DNS resolves back to their domain name. For example, Wells Fargo Bank does it right. Everything that comes from Wells Fargo is sent by a host named *.wellsfargo.com. So if it matches that, it’s good and if it doesn’t — it’s spam. Same is true for PayPal, but not Bank of America. I have an email from them that is real, but the host name it came from is tr202154.cv47.net. So as a spam filtering operation how am I supposed to know that cv47.net is really Bank of America? Why can’t they send email from *.bankofamerica.com servers like secure banks do?
But – I guess it doesn’t matter because they are getting bailout money so they can afford to subsidize the Russian mafia and make it up in higher credit card fees to honest people. But it’s clear to me that their IT department doesn’t give a f**k about fraud or security or they would at least take some minimal precautions to help people avoid getting ripped off.
emphasis added by YTW
If you follow our suggestion to close your accounts at Bank Of America–we’re talking close those credit card accounts, mortgages, auto loans, refinanced mortgages, home equity lines of credit, savings, money market and checking accounts non-interest bearing and interest bearing accounts, their casual attitude about Internet security will no longer be an issue for you. Coincidentally Bank Of America, like most financial institutions, offers for the convenience of the consumer, for a monthly fee, an identity theft protection/prevention program. Identity theft has spawned a huge money making opportunity for companies to provide protection to consumers of their identity.
You’ll be saving a bundle because you won’t be paying excessive fees to a company that does not deserve them a does not give a care about its customers or its employees. Remember last December 2008 when Bank Of America’s CEO Kenneth Lewis announced plans for cutting 30,000 to 35,000 jobs over the next three years, about one third of Bank Of America’s work force as it assumes control of its Merrill Lynch acquisition? With fewer people to pay, and many more of them being paid low wages, we predict Bank Of America will increase fees, while collecting more of our hard earned tax dollar bailout to reward incompetent executives, including Lewis.
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