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Economic Populist Forum :: General :: Outsourcing, Globalization, & "Free" Trade :: Capital One's Story: Denninger
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unlawflcombatnt
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Capital One's Story: Denninger
« Thread Started on Oct 25, 2009, 1:43pm »		[Quote]
The Outsourcing of American employment, especially in financial services, has created still another problem--making it impossible to prosecute financial fraudsters under US law, due to their foreign location.

from the Market Ticker:

by Karl Denninger

Capital One: Shred Your Wallet (COF)

"Time to call out the outrageous actions this "bank" has taken.

Let's first start with the fact that Capital One, along with most of the other "big banks", took TARP money. Why did they need/take TARP money? Simple: They were incompetent in their risk underwriting and thus got in trouble. That's a fact....

But these things are not news.

No, what might be news, however, is what I discovered today.

This morning my phone rang. It was Capital One's Fraud Department, calling to ask me if I had placed some charges on the card. Now to be fair, this card hasn't seen much....

They went through their spiel about how I wasn't liable because of their "superior" guarantee (rank BS; there is no liability, ever, for fraudulent charges as a matter of Federal Law) and similar.

But I noticed something. I was having trouble understanding the woman on the phone. I also couldn't stop her from script-reading; I asked for access to be restored to the online system so I could look at what, if anything, had gotten through their screen, and was refused - then script resumed.

I asked for a supervisor. My first question: "Where are you?"

Answer (no, I'm not making this up!): "A caribbean island"

WHAT?

No, she wouldn't tell me which one.

It appears that Capital One's FRAUD DEPARTMENT is in some offshore Caribbean tax haven (which incidentally is where a whole lot of ridiculously fraudulent and outrageous schemes tend to originate, no?)

Needless to say I wasn't very nice to said "supervisor"; she hung up on me.

I called back to "customer service" and my first question was "where are you?"

Answer: INDIA!

My reply? CANCEL THIS ACCOUNT - NOW.

That got me transferred to a different office, this time in Texas. Oh, a US Citizen being paid US Wages to work on a US Account with US law and US controls? Finally, but only when I ask to cancel the account?

So let's see if I get this right:

Capital One has their fraud "investigation" and "call center" in some nameless Caribbean Island. This means your financial information is also present on that Caribbean Island, where you have no United States legal protections whatsoever. Their staff have access to not only your purchase history (obviously) but also your social security and account number(s).

Capital One has their "customer service" call center in India. Same issues apply - your financial information is present over in India, where United States Legal protections do not apply, and your personal banking information is being handled by non-United States Citizens.

The outrage doesn't begin and end with the fact that your personal financial information and history, including your Social Security number, the key item for identity thieves, is present offshore and accessible to people who cannot be prosecuted under United States Law.

Indeed, one must wonder - are these "card compromises" really happening at merchants, as the card companies continually assert? How do we know they're not lying? What's to stop a few crooks in these "offshore call centers" from accessing your information there, then passing it on (for what I'm sure is much more than they make answering the phone in India or some Caribbean Island) to some part of the criminal element? I'll tell you what is not there to stop them: United States Law, since they're beyond US jurisdiction!

No, the real outrage is that while Americans are increasingly out of work, with the so-called "official" unemployment figures approaching 10% and any real count (including "discouraged" workers) approaching one in five, or 20%, these firms have taken these decent-paying jobs and sent them offshore, thereby spending the money you give these latter-day robber barons not on employing UNITED STATES CITIZENS but rather finding places where there is NO United States wage and hour law, nor any benefits, nor any United States legal protections on the information they have access to and could abuse.

BOYCOTT CAPITAL ONE!"
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Re: Capital One's Story: Denninger
« Reply #1 on Oct 25, 2009, 4:07pm »		[Quote]
What CC company is any better? I have a cap1 account, and I would move it. How about AmEx?

BTW, that call could have been a fraud to get your info.
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Re: Capital One's Story: Denninger
« Reply #2 on Oct 27, 2009, 11:48pm »		[Quote]

Oct 25, 2009, 4:07pm, graybeard wrote:
What CC company is any better?


Great question. I don't know that any of them are any better.

I think BofA (especially the accounts they took over from MBNA) is even worse.

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Re: Capital One's Story: Denninger
« Reply #3 on Oct 28, 2009, 7:36am »		[Quote]
try to find a credit union
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Re: Capital One's Story: Denninger
« Reply #4 on Nov 6, 2009, 4:58am »		[Quote]
Do credit unions manage their own Visa/mc accounts?
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