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

guest · Apr 9, 2019

Equifax forced to report to the Privacy Commissioner of Canada for six years as a result of 2017 data breach
April 9, 2019
https://ottawacitizen.com/news/loca...for-six-years-as-a-result-of-2017-data-breach

On Tuesday, the federal overseer of Canada’s privacy laws released the results of its investigation, finding as many as 19,000 Canadians were ultimately affected.

While the personal information of Canadians was found in the data that was obtained by hackers, including credit reports and payment card details, American consumers were hit worse. More than 209,000 consumers’ credit card credentials were taken in the attack, millions more saw personal information like social insurance numbers, driver’s licence numbers or banking information stolen.
A total of 143 million people worldwide saw personal information exposed as a result of the breach of Equifax’s systems.

The commissioner has also released a “compliance agreement” with the company that cracks down on Equifax demanding it develop better data retention policies, delete or anonymize all Canadian personal information, increase privacy and security measures when it comes to handling or storing data
“In the end, the company did agree to enter into a compliance agreement, which demonstrates its commitment to addressing many of our concerns, and making privacy a priority.”
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guest · May 7, 2019

Indiana AG files lawsuit over 2017 Equifax data breach
May 6, 2019
https://www.theindychannel.com/news...g-files-lawsuit-over-2017-equifax-data-breach

Indiana Attorney General Curtis Hill on Monday announced his office has filed a lawsuit against Equifax stemming from a 2017 data breach that compromised the sensitive personal information of 147.9 million Americans, including 3.9 million Hoosiers.
The lawsuit seeks civil penalties, consumer restitution, costs and injunctive relief.

"Data breaches such as this one cause real harm to real people," Hill said.
Hill's lawsuit accuses the companies leadership of choosing increasing revenue over protecting consumer data at every logical opportunity to improve security measures.
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guest · May 11, 2019

Equifax Says Cybersecurity Breach Has Cost $1.4 Billion
May 10, 2019
https://www.wabe.org/equifax-says-cybersecurity-breach-has-cost-1-4-billion/

Equifax, the Atlanta credit bureau, revealed in its earnings release Friday that dealing with its 2017 cybersecurity incident has cost about $1.4 billion plus legal fees.

A year and a half ago, the company, which gathers consumers’ credit histories, revealed a massive security breach compromised the personal information of about 150 million people.
Chief Executive Mark Begor said in a call with investors that the company has made progress since the 2017 breach, notably by reaching settlement agreements recently with some of the class action lawsuits and government investigators.

“This is a positive step forward for Equifax, as we work to put the 2017 cybersecurity event behind us,” he said, though he qualified they are pending court approval.
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guest · May 23, 2019

Equifax just became the first company to have its outlook downgraded for a cyber attack
May 22, 2019
https://www.cnbc.com/2019/05/22/moo...-outlook-to-negative-cites-cybersecurity.html

Moody’s lowered Equifax’s outlook from stable to negative on Wednesday, as the credit monitoring company continues to suffer from the massive 2017 breach of consumer data.

“We are treating this with more significance because it is the first time that cyber has been a named factor in an outlook change,” Joe Mielenhausen, a spokesperson for Moody’s, told CNBC. “This is the first time the fallout from a breach has moved the needle enough to contribute to the change.”

Moody’s also said Equifax may not be alone.
“The heightened emphasis on cybersecurity for all data oriented companies, which is especially acute for Equifax, leads us to expect that higher cybersecurity costs will continue to hurt the company’s profit and free cash flow for the foreseeable future,” Moody’s said.
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ronjor · Jun 27, 2019

Former Equifax CIO Sentenced to Prison for Insider Trading

Dark Reading Staff 27 June 2019
Jun Ying is the second Equifax employee found guilty of insider trading related to the massive 2017 data breach.
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guest · Jul 3, 2019

Following Equifax’s massive data breach, an executive is going to jail — but not for what you think
July 2, 2019
https://www.mic.com/p/following-equ...g-to-jail-but-not-for-what-you-think-18160993

He didn't disclose to the more than 145 million Americans affected that their names, birth dates, Social Security numbers, addresses, and, in some cases, driver’s license numbers were in the hands of hackers and could end up being sold online.
He instead opted to protect his bank account rather than the people who Equifax ostensibly is supposed to have a responsibility to protect.

Ying is one of the first people to actually be held to account for the Equifax breach with jail time, but it's not for the negligence involved in allowing the company's systems to be left vulnerable to an attack. There has still yet to be a real price paid for that.
If there are ever going to be real punishments for companies and their executives who are responsible for exposing people's sensitive information, the government will have to step up.

Something has to change, otherwise companies that suffer massive breaches will continue to operate as if it's business as usual — and at this point, that's exactly what it is.
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guest · Jul 19, 2019

Equifax to Pay Around $700 Million to Resolve Data-Breach Probes
Credit-reporting firm nears deal to settle investigations into 2017 hack that exposed millions of Americans’ personal data
July 19, 2019
https://www.wsj.com/articles/equifa...ion-to-resolve-data-breach-probes-11563577702

Equifax Inc. is nearing a deal to settle a slew of state and federal investigations into a 2017 data breach that exposed nearly 150 million Americans’ Social Security numbers and other sensitive personal information.

Under the agreement, the credit-reporting firm would pay around $700 million to settle with the Federal Trade Commission, the Consumer Financial Protection Bureau and most state attorneys general, according to people familiar with the matter. The deal would also resolve a nationwide consumer class-action lawsuit, they said.
The settlement could be announced as soon as Monday, the people said. The amount Equifax ultimately pays could shift based on the number of consumer claims that are eventually filed, they added.
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hawki · Jul 22, 2019

"Equifax to pay up to $700 million to settle state and federal investigations into 2017 security breach

Equifax has agreed to pay as much as $700 million to settle a series of state and federal investigations into a massive 2017 data breach that left more than 147 million Americans’ Social Security numbers, credit-card details and other sensitive information exposed.

The punishment includes payments to affected consumers, fines to peeved regulators and a host of required changes to the credit-reporting agency’s business practices, government officials said Monday, as they faulted Equifax for putting more than half of all U.S. adults at risk for identity theft and fraud...

Under an agreement with the attorneys general from 48 states as well as the District of Columbia and Puerto Rico, Equifax will set aside up to $425 million to reimburse victims of the breach, including those who experienced identity theft. Equifax also will offer 10 years of credit-monitoring services to consumers who have been harmed, invest more heavily in its own cybersecurity and pay $175 million to the states themselves, officials said...

Equifax also has agreed to pay an additional $100 million to settle a federal investigation at the Consumer Financial Protection Bureau, which probed the matter alongside the Federal Trade Commission, the agencies said Monday..."
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https://www.washingtonpost.com/tech...-into-security-breach/?utm_term=.3373f6417f53

ronjor · Jul 22, 2019

What You Should Know About the Equifax Data Breach Settlement

Big-three credit bureau Equifax has reportedly agreed to pay at least $650 million to settle lawsuits stemming from a 2017 breach that let intruders steal personal and financial data on roughly 148 million Americans. Here’s a brief primer that attempts to break down what this settlement means for you, and what it says about the value of your identity
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https://krebsonsecurity.com/2019/07/what-you-should-know-about-the-equifax-data-breach-settlement/

ronjor · Jul 22, 2019

Equifax consumers face uphill battle for claims

Evan Sully July 22, 2019
(Reuters) - Consumers affected by the massive Equifax Inc data breach in 2017 will not reap any windfalls from the credit reporting company’s $700 million U.S. settlement announced on Monday, but may face a cumbersome process to get compensation.
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hawki · Jul 23, 2019

"Consumers could get up to $20,000 apiece in Equifax settlement — how to get your share...

Every person can receive up to $500 for the time they spent “taking preventative measure or dealing with identity theft,” court papers said.

Consumers are eligible for up to 20 hours of reimbursement. Ten hours — $250 — can be self-certified and do not require any documentation, according to the document. Another 10 hours have to backed up by documentation such as banking and credit card statements.

The fund will pay back up to $20,000 “for documented loses fairly traceable to the breach,” the filing said. That could include expenses like the cost of freezing and unfreezing a credit file, paying for an attorney, accountant or credit monitoring services.

To prove those out-of-pocket loses and preventative steps, court papers on the settlement said claimants will have to supply “reasonable documentation” that includes credit card statements, bank statements, invoices, telephone records, and receipts...

The claims process will start once a judge approves the settlement...

Equifax’s deal has bearing for everyone, not just plaintiffs in the class action lawsuit.

Beginning next year, all consumers in the US. Can receive six free credit reports per year from Equifax for seven years..."

https://www.marketwatch.com/story/c...et-your-share-2019-07-22?mod=mw_theo_homepage

ronjor · Jul 23, 2019

Consumer Advocates Criticize Equifax Settlement Plan

Mathew J.Schwartz (euroinfosec) • July 23, 2019
Two States Sit Out Proposed Settlement and Continue Their Own Lawsuits
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JRViejo · Jul 23, 2019

Your Social Security number isn’t a secret and was never meant to be one
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After the Equifax breach settlement, brace yourself for what could replace Social Security numbers by James Wellemeyer.

ronjor · Jul 23, 2019

Here’s how to find out if Equifax owes you money

By Melissa Locker 2 minute Read 07.23.19
Here’s how it works: The first step is determining whether you were one of the 150 million people affected by the data breach. If you don’t know your status, Equifax is introducing a tool to let people know, which will be available at EquifaxBreachSettlement.com. Sign up to receive an FTC email update to find out when that tool is up and running.
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guest · Jul 29, 2019

Consumers Seeking $125 From Equifax Warned About Fake Websites:

https://twitter.com/FTC/status/1155855341848080385?
Beware of fake websites claiming to be the Equifax settlement claims website. To be sure you are going to the legitimate site, you can access it from the @ftc’s Equifax page: http://ftc.gov/Equifax
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JRViejo · Jul 30, 2019

However, if you’re only requesting $125 from Equifax, you’re not asking for enough. If you spent hours dealing with the fallout, you should at least be asking for $375.
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There's another Equifax reimbursement claim you may have missed by Matt Binder.

ronjor · Jul 31, 2019

FTC says ‘you will be disappointed’ if you choose $125 for Equifax payout

By Colin Lecher@colinlecher Jul 31, 2019, 2:52pm EDT
The agency is tempering expectations
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ronjor · Jul 31, 2019

If you could forget the $125 from Equifax and just take the free credit monitoring, that would be great – FTC
Not enough settlement cash to go around, sighs watchdog
By Kieren McCarthy in San Francisco 31 Jul 2019 at 20:23

The sad truth is that the FTC pulls this kind of nonsense all the time: putting out massively inflated settlement figures to make it look like it is doing a great job when in fact it is massively constrained in resources and by the law to actually do anything that would cause business to think twice. There is a reason we at The Reg refer to it as "the toothless watchdog."
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Minimalist · Aug 1, 2019

You'll Get Your Equifax Money. It Just Might Take a While

Last week, Equifax agreed to a $575 million—up to $700 million—settlement over its major 2017 data breach. It entitles affected consumers to free credit-monitoring offerings or an $125 payout, plus the potential for more cash back if you can document losses as a result of the incident. That's not a ton of money compared to the value of your personal data, but there's a more pressing problem: Are you actually going to get it at all?
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https://www.wired.com/story/equifax-settlement-money-will-get/

JRViejo · Aug 2, 2019

The Federal Trade Commission said Thursday consumers who have already requested their checks — which are meant as subsidies for outside credit monitoring services — will soon be contacted by the third party administrator handling Equifax settlement claims. The administrator will provide consumers with the chance to switch benefits, the FTC said.
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Regret your request for $125 from Equifax? You may be able to change your choice by Brian Fung.

Minimalist · Aug 5, 2019

Scammers want to steal your ID with fake Equifax settlement sites -- don't let them

The FTC recently issued a warning to those affected by the 2017 Equifax data breach who are now trying to file a settlement claim: Be cautious of fake websites and scammers. According to the FTC, fake websites that appear to be the official settlement claim site are already active and trying to steal your personal information.
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https://www.cnet.com/how-to/scammer...-fake-equifax-settlement-sites-dont-let-them/

ronjor · Aug 6, 2019

FTC Accused of Misleading the Public Over $125 Equifax Payout

By Michael Kan August 6, 2019
Activist group Demand Progress calls on the FTC's Office of Inspector General to investigate the agency for using 'false and deceptive advertising' regarding the money owed to consumers affected by the Equifax breach.
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guest · Aug 21, 2019

Moody warns data breach victims of phishing scam
August 20, 2019
https://www.news4jax.com/consumer/moody-warns-data-breach-victims-of-phishing-scam

Florida Attorney General Ashley Moody is warning consumers about a new phishing scam, targeting people who were already victimized by a data breach of the credit monitoring company Equifax.

An agreement reached between Equifax and most attorneys general across the country, including Moody, set up a $425 million fund to help those affected by a 2017 data breach that impacted nearly half of all Americans.
Now, scammers are creating fake claims websites, to again gain access to personal information from Floridians.

“People are trying to take advantage of those that have already had their personal information taken through this historic data breach,” Moody said. “They are now asking them to go to a false, fraudulent website and again enter and expose their personal information.”
Moody said consumers should never respond to unsolicited emails asking for Social Security numbers, bank account details or other personal information.
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Minimalist · Sep 9, 2019

Now You Have to Jump Through Extra Hoops to Get Money From the Equifax Hack

If you’re one of the 147 million victims of the Equifax breach and you applied to get $125 as compensation for the historic hack, you may want to keep an eye on your email inbox.

Over the weekend, users who applied for a $125 cash payout promised by the government received an email from the Equifax Breach Settlement Administrator, demanding they prove they currently have free credit reporting if they want to receive the promised compensation.
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https://www.vice.com/en_us/article/...xtra-hoops-to-get-money-from-the-equifax-hack

ronjor · Sep 9, 2019

Another article.

Equifax is going to make you work for that 125 bucks it owes each of you: Biz sneaks out Friday night rule change

By Kieren McCarthy in San Francisco 9 Sep 2019
Millions likely to get kicked into credit monitoring deal
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