Tuesday, 21 November, 2017

How Equifax failed miserably at handling its data breach

BBB Steps to take in wake of Equifax data breach Equifax reporting agency was hacked and data of 143 million Americans is exposed!
Christy Curtis | 12 September, 2017, 01:46

In addition, the hackers had accessed credit card numbers of about 209,000 consumers, Equifax revealed. But the site provides responses even for bogus names and numbers (such as "Trump" and "123456"), leading to questions about its accuracy.

Still, they want everybody to sign up for their credit file monitoring and identity theft protection with TrustedID Premier, a credit monitoring service that is also operated by Equifax. Democrats in the House and Senate called on the company to pull back that requirement. Equifax is offering free identity theft protection and credit-file monitoring to USA consumers. Criminals gained access to sensitive data, including Social Security numbers, between May and July.

It could take years for the credit reporting company to end the legal fallout from the unprecedented breach.

Since cybercriminals may have accessed what Ulzheimer calls the "crown jewels of information" at Equifax, he also suggests putting a long term freeze on your credit. "Lifetime credit monitoring. Reimbursement for all other freezes". Initially, it appeared that registering for Equifax's credit monitoring service would force citizens to waive their right to join a class-action suit against the company in favor of mandatory arbitration at an individual level.

Gamble sold more than 13 percent of his stake in Equifax.

Security experts are recommending consumers whose data was stolen place credit freezes on their accounts.

A freeze doesn't protect you from everything: thieves can still file a fraudulent tax return in your name or charge things to your already opened credit card accounts. (ANTM - Free Report) and Sony Corporation (SNE - Free Report) have also been victims of cyber attack, when fraudsters stole large number of consumer data. Equifax leaked both social security numbers and birth dates, meaning identity thieves now have everything they need to launch credit-destroying attacks against much of the USA population at any point over the next few decades.

Adding to the frustration was the news that three Equifax senior executives, including its chief financial officer, sold $1.8 million worth of company stock just days after the company discovered the breach but weeks before it was made public.

The complaint also cites the fact that the company took more than a month before making the breach public and they were not able to disclose the reason why. The company doesn't believe that consumers from any other countries were affected.

"It's the gateway to your personal history, your medical history, your financial history, to your credit".

The Bureau of Consumer Credit Protection, which administers the Fair Credit Reporting Act in ME, issued a news release Friday afternoon encouraging people to take the breach seriously and consider basic steps to protect their identify, financial accounts and credit reports. "Again, to be as clear as possible, we will not apply any arbitration clause or class action waiver against consumers for claims related to the free products offered in response to the cybersecurity incident or for claims related to the cybersecurity incident itself".

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