When Americans open a bank account, they believe their financial data is protected by the institution they trust. That assumption is increasingly false.
Major banks are quietly outsourcing core operations — including direct access to customer account systems — to third-party contractors operating in regions with documented fraud activity. No federal law requires disclosure of where these contractors are located. No law mandates real-time monitoring of their access. No whistleblower protection exists for the overseas employees who witness abuse.
Elder fraud losses (2023) 3-5x higher unreported
Victims in Coinbase/TaskUs breach alone
Accenture employees with access to bank systems
▸ A TaskUs contractor in Indore, India photographed and sold 200 customer records per day — names, SSNs, balances, government IDs — for $200 per image.
▸ Over 69,000 Coinbase customers were affected. Criminals impersonated Coinbase staff using the stolen data. Multiple victims lost their entire retirement savings.
▸ TaskUs concealed the breach for months, filed regulatory documents claiming no material breach, and simultaneously negotiated a $1.6 billion acquisition.
▸ Victims had no notification for 7 months — no law required it. No monitoring caught it. No whistleblower reported it safely.
EXAMPLE: Accenture — Truist Bank's primary outsourcing partner since 2017 — employs 784,000 people globally including 80,000 in Bonifacio Global City, Philippines, the same area where the U.S. Treasury has sanctioned scam compound operations. Truist forced laid-off employees to become Accenture contractors in 2024. Customers were never informed.
Current law does not require financial institutions or their contractors to:
▸ Disclose the geographic location of personnel with access to customer account systems
▸ Implement real-time behavioral monitoring at outsourced data access points
▸ Provide a protected reporting channel for overseas contractor employees
GLBA, OCC Third-Party Risk Guidance (2023-17), and Dodd-Frank all address adjacent issues — none close these specific gaps.
Sherry Spurlin | Spurlin Digital Solutions | Market 4 Social | Author: Digital Predators, HiJacked: The Digital Invasion, The Scammer's Playbook | @sherry_spurlin (TikTok, 28K+ followers)