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Bank of New York Mellon has lost a box of back-up tapes containing social security numbers, names and possibly account numbers of millions of customers. It is believed that the box was lost in transit while several boxes were being moved from a bank services office to a storage facility. The bank notified customers and offered one year of credit monitoring. However, those measures are inadequate to protect the customer, given the substantial danger of identity theft. This breach comes on the heels of similar problems at other financial institutions, such as the loss by GE Money of the confidential information of over 650,000 card holders. In that case, the computer back-up tape was lost from a data storage firm. Financial institutions must do more to put strict security measures in place to protect customers. Identity theft is a quickly spreading crime and has caused significant financial losses to millions of people. The lawyers of Sheller, P.C. can help victims of bank security breaches. If you have been the victim of such a breach, contact Jamie Sheller, at 215-790-7300, immediately to discuss your legal options.

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