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Sun 12 Jun 2005 04:00 AM

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Bank suffers record data loss

Citigroup, the world’s biggest bank, has suffered the world’s biggest data loss, with records for nearly four million customers being mislaid. The records were on tapes, which were being shipped by UPS (ironically, the world's largest carrier service) to a credit bureau in Texas.

Citigroup, the world’s biggest bank, has suffered the world’s biggest data loss, with records for nearly four million customers being mislaid. The records were on tapes, which were being shipped by UPS (ironically, the world's largest carrier service) to a credit bureau in Texas.

This latest loss follows a string of high-profile data losses, raising further fears of the dangers of identity theft. Last month, the Bank of America said that account details of over 100,000 customers had been stolen by former employees and sold to a third party. Citigroup said that in future it would send similar such information electronically, in encrypted form, to prevent a repeat incident.

The US federal trade commission has said that as many as 10 million people worldwide were the victims of identity theft in 2003 alone.

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