STI Outsourcing Fraud Department Overseas...there goes your personal information.
"SunTrust's overseas outsourcing of fraud-detection work raises security issues
In a cost-cutting move, SunTrust Banks Inc. plans to farm out some of its transaction-fraud-detection work to an overseas company, eliminating nearly 20 high-tech jobs in Orlando by the end of the year.
SunTrust, the largest bank in Central Florida, stands to benefit financially from having lower-wage workers abroad monitor customers' debit- and credit-card purchases for potential fraud. But some experts are warning that the "offshoring" of such computerized monitoring could place customers' personal information at greater risk of being stolen.
"Anytime you outsource personally identifiable information to a third party, whether abroad or not, you raise the risk of that data being misused," said Ed Mierzwinski, Florida program director for the Public Interest Research Group, a consumer-advocacy group based in Washington. "Banks have a fiduciary duty to protect your data, but you have to wonder what measures SunTrust is taking to do that."
Atlanta-based SunTrust, in confirming the outsourcing and the loss of local jobs, insists the change will not endanger customers' account security or their privacy. The bank indicated last week that it has taken all the steps required by federal bank regulations to verify the safety and soundness of its third-party vendors." (Sure...)
I am okay with outsourcing, but SunTrust has outsourced some departments with ZERO oversight. Outsourcing positions in the Fraud Department is like hiring the fox to guard the hen house One thing that has been very consistent at SunTrust is the overwhelming level of ignorance displayed in the decisions of executives to outsource selected departments and positions. Consistently reducing service and placing SunTrust at risk long term.
SunTrust managements decisions to outsource is always based on achieving short term savings and hoping to achieve improvements in technology. Failure is the only word that I can think of for SunTrust. In the very end saving is never really achieved and long term, SunTrust can look forward to additional cost and lawsuits. Outsourcing positions in the Fraud Department will only benefit the court system.