Sunday, August 05, 2007

Certegy/Fidelity News

According to SCMagazine, Online forum claims Certegy breach led to ID theft. The article says:

But a number of posters in a Bed, Bath and Beyond online forum accuse Certegy of not being honest. According to the forum, a class-action lawsuit against the company is taking shape over the breach.

"I just found out a few days ago that my husband and I are now the victims of identity theft," an Oklahoma woman using the alias "Class Action Suit Ready" wrote last week on the bulletin board. "As he called his credit card company to prove his innocence, I realized it was only a few days after the notification letter [from Certegy] that all of the fraudulent checks were written on his account. That is not a coincidence. I’ve never had any identity theft issues until a few days after I received that letter from Certegy."

The would be bad for the company that's for sure. They are really banking on no ID theft coming from this. The article reads like a class action lawsuit might be on the way. That also might explain why they are looking for "alternatives for its check services business". This press release says that the FIS Board of Directors also authorized management to investigate strategic alternatives for its U.S. and Australian Check Services businesses.

I predicted that Certegy's Check Services would be sold off after a while. That's the main reason I left last year. It did take longer than I thought it.