Equifax Data Breach

[rekees4300]

Equifax reported 143 million Americans had their information (Social Security numbers, birthdates, address histories, legal names) stolen by hackers. That's about 1/2 of the U.S. population!

To find out if you are involved and what to do: Equifax data breach may affect up to 143 million people - CNET

AP news article: Equifax breach: Criticism from lawmakers, what people can do

 

[TheMan419]

Yep I am lucky.... I can add Id theft ins to my home owners policy for $45 a year.

 

[QRTRHRS]

I tried that website that they supposedly have set up but could not get through the robot routine to get in. From what I have been reading I would not learn much even if I could have gotten in. Some of the articles out do not give me a warm and fuzzy feeling about Equifax stepping up to the plate over this.

 

[TheMan419]

I tried that website that they supposedly have set up but could not get through the robot routine to get in. From what I have been reading I would not learn much even if I could have gotten in. Some of the articles out do not give me a warm and fuzzy feeling about Equifax stepping up to the plate over this.

Literally all it told me was my data appeared to be compromised. Their advice is to sign up for credit monitoring and keep your eye on your accounts for suspicious activity.

I am buying id theft protection for additional protection since it is $45/yr.

Given the size of the data theft vs the adult population of the US of you have ever bought anything on credit your data was likely compromised.

 

[lennyzx11]

Please do your due diligence before visiting that site.
1. The credit monitoring service is only monitoring not protection.
2. In the fine print when you accept the free credit monitoring, you waive the right to participate in a class action lawsuit involving this matter.
3. If you do sign up, it will automatically renew and you will be charged after the one year free period is completed.

 

[JRobyn]

If you are worried about your credit being hacked or compromised, the simplest solution is just to FREEZE your credit at all 3 of the bureaus. The charge to do so is either zero or nominal. There is a (minor IMHO) penalty in that when you DO want to buy something on credit, you need to temporarily "unfreeze" your accounts.

 

[rekees4300]

I tried that website that they supposedly have set up but could not get through the robot routine to get in. From what I have been reading I would not learn much even if I could have gotten in. Some of the articles out do not give me a warm and fuzzy feeling about Equifax stepping up to the plate over this.

Rather ironic Equifax is suppose to be the bastion of security but they failed to be secure themselves. :thumbdown: Personally I consider all the credit bureaus to be thieves. They steal personal information without "customer" approval then they sell it. So what is the difference between the credit bureaus and hackers, they both have the same business model? :confused2: I put a FREEZE on my bureau accounts years ago and refuse to associate with those thieves. When a company refuses to sell something to me without a credit check I simply tell them NO. They usually seem to find a way to waive the credit check BS. If not it's a deal breaker and I take my business elsewhere.

 

[California]

I wonder if adding the homeowner's insurance option for resolving fraudulent charges might be a better strategy than paying Equifax to notify you if bogus charges appear - then leaving you to get the charges reversed.

Here's an extensive thread I read through last night. The comments added much. IT pros and credit managers uniformly condemned Equifax for outdated security and the way the company's principals sold their stock before notifying the public.

Equifax's charges to give you a current credit report (cost varies by state) will give them a huge windfall as people get concerned about new accounts opened without their knowledge. So for Equifax this panic is a profit opportunity, not a cost.

Remember their customers are the companies who want to know if you are a good credit risk, the public is not their customers and they don't really have any reason to protect your data. If you log in to get your credit report I think you have to sign a waiver that you won't join a class action suit but rather each claimant has to assemble their own claim details for their arbitrators to review individually. Good luck with that. Don't expect government to pursue them in your behalf, their lobbyists got to the state insurance regulators already. Big mess.

Monday I'll call my insurance agent. If the optional fraud coverage actually protects you similar to auto insurance, that's who I want representing me in refusing to pay for bogus credit cards taken out in my name. Any plan that simply informs you of a problem without representing you for recovery seems to me would be meaningless, wasted money.

 

[PILOON]

Please do your due diligence before visiting that site.
1. The credit monitoring service is only monitoring not protection.
2. In the fine print when you accept the free credit monitoring, you waive the right to participate in a class action lawsuit involving this matter.
3. If you do sign up, it will automatically renew and you will be charged after the one year free period is completed.

Good points.
2-- sleazy, who even understands most fine print written by lawyers.
3-- and they know that you will pay so as to not affect your rating! also sleaze IMHO

 

[California]

Per this article in a respected tech journal, Equifax's 'have you been hacked' website is completely bogus. It exists only to scare you into buying their credit monitoring scam (that only might inform you about someone checking your credit, it won't work in your behalf to resolve anything).

TechCrunch: Equifax Hack-Checking Web Site Is Returning Random Results - Slashdot

* Returns random yes/no results when you inquire more than once, or home phone vs cell phone.

* "the secret 10-digit "security freeze" PIN being issued by Equifax "is just a timestamp of when you made the freeze." The article I linked above noted those codes are in half-hour intervals so there are only 1400-something unique codes per calendar day. If someone makes a reasonable guess what time you went to the site the odds of them guessing your 'secret PIN' and authorizing credit is near 100% over a few attempts. Obviously no security pro was consulted in setting this up or got anywhere near this marketing project.

* "It's clear Equifax's goal isn't to protect the consumer or bring them vital information. It's to get you to sign up for its revenue-generating product TrustID."

* Keep in mind Equifax's customers are companies granting credit who need to see Equifax's files on you. Not the consumer, they don't owe any obligation to you. Worst case: In the present political climate I doubt there is an agency in 'big government' that will dictate to this private enterprise what they have to do to protect you. I expect this will play out like the sub-prime mortgage mess 10 years ago, no focus of responsibility and no effective new rules to prevent future crises.

 

[TheMan419]

Re the claim that the "theft" is an attempt to get you to sign up for their credit monitoring product....

I know it is in fashion on tbn to bash lawyers. However at least 2 different class actions have been filed against Equifax for violating the FCRA. That entitles each of the 143 million victims a min award of $100. So $14.3 BILLION plus attorney fees which could be over a billion.

I think that will get their attention.

 

[California]

I think that will get their attention.

I hope so. But they may think the money is better spent on lobbyists.

I thought it was illegal how the corporate principals unloaded stock before making an announcement to their shareholders. They must have a lot of faith in having first rate lawyers to get them through this untouched.


I don't think the hack was a marketing gimmick. But the response that Equifax assembled looks like it was devised by the marketing division without input from an IT crisis response team.

 

[downsizingnow48]

I went to the Equifax website, it was not meant to help. It was clearly meant to increase revenue and reduce liability.

Instead I set up credit freezes on all three services for me and my wife. I dunno how much protection that provides, but it seems to be the best option available.

 

[rekees4300]

Instead I set up credit freezes on all three services for me and my wife. I dunno how much protection that provides, but it seems to be the best option available.

Smart action :thumbsup:

 

[California]

Credit freeze should prevent anyone opening a new credit card or charge account in your name.

But can it prevent someone from draining an account that stands behind Paypal, or from using a debit card that draws straight from your savings?

 

[downsizingnow48]

I run PayPal off a dedicated account that never has more than about $1000 in it. Same for the debit cards. We made those changes after my wife lost $15k from her debit account. She got it back but it was a wake up call.

 

[California]

Likewise here.

Paypal pulls from the credit union account dedicated to farm expenses, I hold around $1,000 in that credit union account. And I trust the CU to have my back if I get scammed.

The debit card is different, it draws from an account that receives Direct Deposit (pensions & SS for both of us) and has utilities etc paid automatically from it. I don't know how proactive that account would be if a bogus charge came through.

MasterCard, a third account, did phone me for authorization for $2500 of propane purchased in Kazakhstan or some place out there east of Russia. No, I used the card to have the septic tank pumped yesterday. MC refused the charge and sent me a new card.

 

[rekees4300]

Credit freeze should prevent anyone opening a new credit card or charge account in your name.

But can it prevent someone from draining an account that stands behind Paypal, or from using a debit card that draws straight from your savings?

No to both questions. I would NEVER link an account to Paypal or any other company. I use a credit card for Paypal.

 

[downsizingnow48]

All of our income goes into separate accounts where we do not have either debit cards or credit cards. We move it from there to the small working accounts as needed. But nothing is perfect protection these days.

 

[dmccarty]

I can't remember which large company got hacked but we got a free lock on the credit bureaus so we did. The only time I have had to unlock the account(s) is when changing the cell phone company and getting new phones. A bit of a pain but worthwhile in the end.

Locking your credit information is about the best you can do. I don't link our checking or saving accounts with our accounts that can take money from our accounts. Everything goes to a credit card and we write danged few paper checks. The payments are now electronic payments, which is still a check, but I don't think a human has access to the number, unless the account itself is hacked. Possible of course.

The wife got her ID hacked a few years ago because of an old check at a doctor's office. We knew it had to be a doctor's office because we have not used the account in decades and the only business we can think of that would have had all of her information had to have been health care related.

Later,
Dan