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Credit Reporting Firm Equifax Announces 'Cybersecurity Incident Impacting Approximately 143 Million US Consumers' (cnbc.com)
Equifax, which supplies credit information and other information services, said Thursday that a cybersecurity incident discovered on July 29 could have potentially affected 143 million consumers in the U.S. "The leaked data includes names, birth dates, social security numbers, addresses and potentially drivers licenses," reports CNBC. "209,000 U.S. credit card numbers were also obtained, in addition to 'certain dispute documents with personal identifying information for approximately 182,000 U.S. consumers."
Chairman and Chief Executive Officer, Richard F. Smith said in a statement: "This is clearly a disappointing event for our company, and one that strikes at the heart of who we are and what we do. I apologize to consumers and our business customers for the concern and frustration this causes. We pride ourselves on being a leader in managing and protecting data, and we are conducting a thorough review of our overall security operations. We also are focused on consumer protection and have developed a comprehensive portfolio of services to support all U.S. consumers, regardless of whether they were impacted by this incident." Equifax is now alerting customers whose information was included in the breach via mail, and is working with state and federal authorities.
UPDATE (9/7/17): According to Bloomberg, "three Equifax senior executives sold shares worth almost $1.8 million" in the days after the company discovered the security breach. Regulatory filings show that three days after the breach was discovered on July 29th, Chief Financial Officer John Gamble sold shares worth $946,374 and Joseph Loughran, president of U.S. information solutions, exercised options to dispose of stock worth $584,099." Meanwhile, "Rodolfo Ploder, president of workforce solutions, sold $250,458 of stock on Aug. 2."
Chairman and Chief Executive Officer, Richard F. Smith said in a statement: "This is clearly a disappointing event for our company, and one that strikes at the heart of who we are and what we do. I apologize to consumers and our business customers for the concern and frustration this causes. We pride ourselves on being a leader in managing and protecting data, and we are conducting a thorough review of our overall security operations. We also are focused on consumer protection and have developed a comprehensive portfolio of services to support all U.S. consumers, regardless of whether they were impacted by this incident." Equifax is now alerting customers whose information was included in the breach via mail, and is working with state and federal authorities.
UPDATE (9/7/17): According to Bloomberg, "three Equifax senior executives sold shares worth almost $1.8 million" in the days after the company discovered the security breach. Regulatory filings show that three days after the breach was discovered on July 29th, Chief Financial Officer John Gamble sold shares worth $946,374 and Joseph Loughran, president of U.S. information solutions, exercised options to dispose of stock worth $584,099." Meanwhile, "Rodolfo Ploder, president of workforce solutions, sold $250,458 of stock on Aug. 2."
Social Security numbers are fine. The problem is that organizations have foolishly been using them for authentication ("Prove you are you!"), rather than merely identification ("Who are we talking about?"), which was all they were ever designed to do.
Even more narrowly than that. It's original purpose was to track workers solely for use in determining SS benefits - that's it. From The Story of the Social Security Number
The Social Security number (SSN) was created in 1936 for the sole purpose of tracking the earnings histories of U.S. workers, for use in determining Social Security benefit entitlement and computing benefit levels.
It must have been something you assimilated. . . .
Regardless, in most states you can pay $10 -- to each credit bureau -- and freeze your account permanently anyway. I did just that in 2011. When getting a loan or new line of credit, you can ask the company which bureau it will use for the credit check, call the bureau and either (a) unconditionally unfreeze it or (b) unfreeze it with a password or PIN, which they will US mail you -- for a specific number of business days. It's actually fairly painless.
It must have been something you assimilated. . . .
It's funny you mention "gold". During the great California and Alaska gold rushes, do you know who really struck it rich? It was the folks selling mining hardware and other supplies to the miners. The vast majority of miners didn't make much at all.
I think it's an appropriate comparison for modern-day class action suits. These types of lawsuits make lawyers rich, and everyone else gets enough for a free latte or two.
Irony: Agile development has too much intertia to be abandoned now.
Here is an article from the FTC on freezing your credit: https://www.consumer.ftc.gov/a.... I also recommend doing it.
Even though some banks can't process your car loan, or other credit. Your goal in personal finance should be to not need credit and to pay cash for everything. If you don't have the cash then you can't afford that car.
You probably know this already, but you already get one free per year from each of the 3 credit reporting agencies. (Thanks Uncle Sam!)
If you time it right, you can pull one every 4 months (rotating agencies, using each one yearly)
https://www.annualcreditreport...
They had to wait for a few execs to complete share sell offs yesterday before releasing the public statement.
"So how did Americans end up with a national ID number that isn't one and a card terribly unfit to identify?"
Social Security Cards Explained
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You probably know this already, but you already get one free per year from each of the 3 credit reporting agencies. (Thanks Uncle Sam!)
If you time it right, you can pull one every 4 months (rotating agencies, using each one yearly)
https://www.annualcreditreport...
Free credit report != Free fraud alert/monitoring.
Lots of fraud can happen in a 4 month time...
It signs you up for a product. READ THEIR TOS. You just waived right to class action and agreed to arbitration...
Scumbag move!
You mean it in humor, but I fear it as fact. 143 million of us just became higher risk.
Two of my imaginary friends reproduced once