Credit reporting firm Equifax says data breach could potentially affect 143 million US consumers

https://www.eff.org/deeplinks/2017/11/heres-how-congress-should-respond-equifax-breach

 

Congress needs to make binding arbitration clauses illegal. Arbitration should be an option not a rule.

 

Binding Arbitration should be a option yes. But it is the only thing that stops them from making a bigger mess than it already is unless I am missing something.

 

I just want my data secured. I like what the EFF is proposing as it focuses on protection (data and rights). I am glad that they are coming up with a solution for Congress to contemplate.

 

They reported earnings today that did not match expectations ($1.32/share vs the expects $1.42/share) and the stock was down minimally. They said they expecty losses of 75 millionUSD due to costs and delayed contracts, but as Equifax has a total market cap of over 13 billion USD this is a drop in the bucket.

People will forget (they always do) and EFX will be back to the old highs soon enough, just like Home Depot did after their massive breach.

Also those interested should read this:

https://www.marketwatch.com/story/e...le-use-it-2017-11-10?siteid=yhoof2&yptr=yahoohttps://www.marketwatch.com/story/e...le-use-it-2017-11-10?siteid=yhoof2&yptr=yahoo

 

I would have thought the only thing that could really hurt Equifax is if the large credit companies drop them and use an alternative credit check provider, otherwise this would be a just be a temporary drop in stock value due to investors reacting to the news

 

Credit bureaus up there with payday lenders as true "scumbags." Very few States in the U.S. have been able to stop PD lenders. It's all about how many politicians you can "own" by political contributions. I have this statement about the state of legal and political affairs in the U.S.; "they are the best systems money can buy."

 

Yes lol its not funny, but at the same time it is. Kinda like Dr. Strangelove... The more you understand what's going on, the worse it is.

 

Slim Pickins riding that nuke to target. That's what we need more of.

 

I guess this means that if you are a Canadian and have not received the dreaded letter, Equifax believes that you have not been compromised by the breach. Check your mail next week and pray

 

"Data breach at Equifax prompts a national class-action suit

The scenario that personal finance and credit experts feared most about the heist of consumer data from Equifax may already be underway: Criminals are using the stolen information to apply for mortgages, credit cards and student loans, and tapping into bank debit accounts, filing insurance claims and racking up substantial debts, according to a major new class-action suit.

The suit pulls together dozens of individual complaints from consumers in all 50 states plus the District and suggests that cybercriminals aren’t wasting time using the Social Security numbers, credit card accounts, driver’s license numbers and other sensitive personal information they siphoned out of the credit bureau’s reputedly secure databases on 145.5 million Americans..."

https://www.washingtonpost.com/real...al-hp-cards_rhp-card-realestate:homepage/card

 

Six Ways That Big Data Systems Are Harming Society

 

"If you want to freeze your Equifax credit report for free, act fast...

Equifax will freeze your credit report for free, but only until Jan. 31. After that deadline, consumers will have to pay the fee their state charges for a credit freeze. That costs up to $10 in some states..."

https://www.marketwatch.com/story/i...ax-credit-report-for-free-act-fast-2018-01-29

 

"U.S. Consumer Protection Official Puts Equifax Probe on Ice...

...[T]the Consumer Financial Protection Bureau, has pulled back from a full-scale probe of how Equifax Inc failed to protect the personal data of millions of consumers, according to people familiar with the matter...

...[T]he new CFPB chief, has not ordered subpoenas against Equifax or sought sworn testimony from executives, routine steps when launching a full-scale probe. Meanwhile the CFPB has shelved plans for on-the-ground tests of how Equifax protects data,..."

https://money.usnews.com/investing/...on-official-puts-equifax-probe-on-ice-sources

 

Equifax hack put more info at risk than consumers knew
Link: http://nationalpost.com/pmn/news-pmn/equifax-hack-put-more-info-at-risk-than-consumers-knew

Equifax Data Breach Was Bigger Than Previously Reported
Link: https://www.consumerreports.org/cre...a-breach-was-bigger-than-previously-reported/

 

"SEC Says Former Equifax Executive Engaged in Insider Trading...

'As alleged in our complaint, Ying used confidential information to conclude that his company had suffered a massive data breach, and he dumped his stock before the news went public,' said Richard R. Best, Director of the SEC’s Atlanta Regional Office..."

https://www.bloomberg.com/news/arti...-equifax-executive-engaged-in-insider-trading

 

The Equifax executive, Jun Ying, was the former chief information officer of Equifax.

He faces both civil and criminal charges from the Securities and Exchange Commission and U.S. Attorney’s Office for the Northern District of Georgia.

https://www.washingtonpost.com/news...ed-with-insider-trading-ahead-of-data-breach/

 

"Why it was easy for SEC, DOJ to spot Equifax insider trader...

"...Ying thought about his own stock options all weekend, according to the SEC’s complaint, and on Monday morning started searching the web for information on how a similar, but much smaller, breach in 2015 had affected the share price of the credit reporting company Experian EXPN, -0.28% . The SEC complaint says that Ying’s internet browsing history shows he learned that Experian’s stock price had dropped approximately 4% after the public announcement of the Experian breach.

Later Monday morning, Ying exercised all of his available stock options for 6,815 shares of Equifax stock..."

https://www.marketwatch.com/story/w...doj-to-spot-equifax-insider-trader-2018-03-14

 

How Equifax Kept Its Mega Breach Secret From Its Own Staff

https://www.forbes.com/sites/thomas...ept-its-mega-breach-secret-from-its-own-staff

 

Ying was a fool. Insider trading goes on constantly, the rest of them just get someone else, with no links to the company to do it.
It might be interesting to know how they got his browsing history.