RF Binder helps BoA with data-loss crisis

NEW YORK: Bank of America (BoA) turned to RF Binder for crisis help after its embarrassing loss of data tapes containing personal information on more than a million customers.

NEW YORK: Bank of America (BoA) turned to RF Binder for crisis help after its embarrassing loss of data tapes containing personal information on more than a million customers.

Joe Miller, executive MD at RF Binder in New York, said that the agency advised on "the strategy behind the response and how it was communicated." The bank has been a corporate client of the agency for about four years.

"The overall goal was to try to be as transparent as possible," said Miller, "and let [customers and financial media] know that the bank was indeed handling it in an appropriate way."

Alexandra Trower, BoA's head of national media relations, said the company immediately alerted federal law enforcement officials when the loss was discovered. The customers whose records were lost included 900,000 Department of Defense employees and dozens of US senators, according to The Wall Street Journal.

When the government's investigation was complete, BoA "sent a letter to the impacted cardholders," advising them of the situation, Trower said.

The company also established an 800 number for impacted cardholders.

The disappearance has prompted calls for tighter regulation of consumer information from special interest groups like the Consumers Union, and Sen. Patrick Leahy (D-VT) has raised the possibility of a congressional inquiry into the safety of data.

Trower said, "We welcome the opportunity to continue to work closely with outside leaders," but would not say whether the bank would actively oppose further federal regulations on the data industry.

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