I had been a subscriber to the Wall Street Journal for years. I am convinced that it is the best financial journalism, if fact the best journalism altogether. Nevertheless, this recent interaction caused me to cancel my subscription.
I had an inquiry and before my inquiry could be addressed, they asked what state my paper is delivered to, and then they asked for my name. In order to confirm that they were speaking to the right person, they then proceeded to read off my home address, my phone number and my email address. I couldn't believe that they were so freely giving this information out. I did a double-take, then called again and the same thing happened. After realizing that I wasn't imagining the entire thing, I called to see if they were so free-wheeling with information from more well-known people. Through their subscription department, I managed to get the home addresses, phone numbers and email addresses of several very well-known and illustriuous investors, CNBC personalities, members of Obama's economic team and heads of investment banks. I finally called to speak with a supervisor who explained that this is their practice because it is too time consuming to make the caller prove their identity.
I have recently opened several online investment accounts and savings accounts. The security and privacy that financial institutions offer is second to none.
I now pick up the paper at the newstand. It costs a little more there, but it is well worth it to pay a little more. I'll subscribe again when they follow the lead of financial institutions, or even just of the Financial Times, and put some very simple safeguards in place.
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