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ADP hands over sensitive investor data in a scam
Posted on Jul 6, 2006 by Tom Fragala
ABC News reports that ADP suffered a breach of hundreds of thousands of investors personal data.
Automatic Data Processing, one of the world's largest payroll service companies, confirmed to ABC News that it was swindled by a data thief looking for information on hundreds of thousands of American investors.
According to a company spokeswoman, ADP provided a scammer with personal information of investors who had purchased stock through brokerages that use ADP's investor communications services. Initial reporting indicates that these firms include a number of brand-name brokers, including Fidelity Investments and Morgan Stanley. A Fidelity spokesman says the data breach compromised 125,000 of the 72 million active accounts at the brokerage.
Filed under: Data Breach, Identity Theft
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