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Major US banks suffer massive data theft

[JURIST] New Jersey police said Tuesday that they were only in the initial stages of an investigation that has so far revealed data theft from over 700,000 account holders from four major banks in the US. Ten arrests have been made in the scam affecting Bank of America [official website], Wachovia [official website], Commerce Bancorp official website], and PNC Financial Services Group [official website]. Bank officials in Hackensack, New Jersey were among those arrested. They are suspected of selling account numbers to middlemen who in turn sold them to collection agencies. AFP has more.

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