Times Reports on Identity Theft Risks, Foreclosure Crisis, Privacy Policies, and More

by Jeff Sovern

Lots in the Times this week on consumer law issues, so here goes.  Tomorrow's Times will include Bob Tedeschi's Mortgages column, Your Financial Data: How Safe is it? about a Wolters Kluwer Financial Services of Minneapolis survey that found that many smaller lenders transmit consumer financial data in unsecure email, thus exposing borrowers to the risk of identity theft. Meanwhile, today's Times had a story, Some Banks Will Put Off Foreclosures Until March, while they wait for the Obama administration plan, about which Alan blogged earlier today. The Times had a brief story about the Obama administration's attempts to develop such a plan yesterday.

Yesterday the Times also published Agency Skeptical of Internet Privacy Policies.  Here's an excerpt:

The Federal Trade Commission had some sharp words for Internet companies Thursday, saying that they are not explaining to their users clearly enough what information they collect about them and how they use it for advertising.

For now, the commission is sticking to its view that the Internet industry can voluntarily regulate its own privacy practices.

But the tone of the report, and comments by several commission members and staff officials, indicated that if the industry does not move faster, the agency would increase regulation or call for Congress to legislate stricter online privacy rules.

* * *

Ms. Harrington challenged Internet companies to explain what they are doing in a section other than its privacy policy.

The commission did not specify what sort of notice companies should give, but it noted that some have proposed methods that are more visible to the average user, like a link right on each advertisement that leads to an explanation of what data the advertiser collects and uses.

“This is about advertising, so these people ought to be creative,” she said.

“We know advertisers can get their messages across when they want to. They darn better want to get this message across: ‘This is what we are collecting and this is how we are using it.’ ”

Thursday's issue included a story about a crime that may become a sad sign of the times: Philadelphia Grand Jury Says Crime Ring Fraudulently Sold 82 Houses.  The ring sold unoccupied houses, thereby injuring both the current and putative owners.   

Wednesday brought A Pill That Promised Too Much about the settlement reached between the FDA and attorneys general with Bayer over allegedly deceptive advertising of the birth control pill, Yaz.  Those using our casebook this semester will be pleased to see that the settlement includes corrective advertising, something discussed in chapter one. 

Comments

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[Internet Security]

Interesting post ! you may find internet as means to communicate and interact across the globe , but research suggests cases on internet hacking and internet misuse have increased with global technological challenges.

[Wayne Allen]

As the economy experiences more trouble people will resort to underhanded methods to make money online. Unfornately there will probable be a rise in identity theft so protect yourself now more than ever.

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[Chris parker]

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[Chris parker]

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