BofA to send tech work, data to India

http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2003/10/29/BUGL42L7N91.DTL

Bank of America snagged a lot of headlines when it announced this week that it will create the second- biggest U.S. bank by acquiring FleetBoston Financial for about $47 billion.

But virtually no attention was paid just days earlier when BofA said it will move more operations abroad by setting up a subsidiary in India next year to handle key tech functions, many involving sensitive customer information.

Bank of America, along with other U.S. financial- services giants, has been steadily boosting its bottom line by outsourcing costly tech work. For customers, that means an ever-increasing risk of personal data slipping beyond the bank's grasp.

BofA says there's no reason to worry and sufficient measures have been taken to protect customers' information.

...more...

Hope India remains a pal and unharmed by "terrorism"

if I did I would close it. But now I'm wondering if washington mutual does this. I really don't like the idea of my financial info being in another country. It's so short sighted of business to do this.

Oddly enough, even most Freepers agree with us on this one.


If DU'ers and Freepers spent 1/2 as much time bitching to BofA and other companies about outsourcing as they do bitching to advertisers about which shows they support, this stuff would stop right now.

I am now even doubly pissed because I could not get a real live person on the phone! I had to send an email !

... of a contractor!

Privacy takes a backseat
http://www.sfgate.com/cgi-bin/article.cgi?file=/chronicle/archive/2003/10/24/BUG6U2I81K1.DTL&type=business

On Wednesday, I wrote how a Pakistani transcriber threatened UCSF Medical Center with posting patients' medical records online unless she received more money. That incident should send a shiver through anyone who has ever visited a doctor, which is everyone.

Now here's another source of potential privacy violations which again touch us all: tax returns.

An increasing number of U.S. accountants, including some in the Bay Area, are quietly exporting clients' files to India to be worked on by Indian tax preparers.

Finished returns are sent back to the accountants for final review and, in most cases, the client never learns that his or her Social Security number and financial data, including bank and brokerage account numbers, have traveled overseas.

Guaranteed that those offshore preparers doing tax returns will event ually get a bit miffed with the salary discrepencies. Look for an increase in identity theft!