Bank of America declares 1.2 million account records "lost"

One of the biggest domestic banks in the United States, Bank of America, has admitted to losing computer tapes containing 1.2 million federal employee accounts, including the accounts of several U.S. senators, in a statement by the bank. According to the Pentagon, most of the accounts belong to staff and civilians in the Department of Defense. The bank said the tapes were lost in December 2004 as they were being transported to a data back-up centre by a commercial plane.

Currently, the U.S. Secret Service are looking in to the matter, a federal agency whose brief includes investigations of serious financial crime such as this. All parties concerned are worrying about possible identity theft as it contained valuable information such as bank account numbers, names and addresses.