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Old 09-10-2017, 12:24 AM
 
6,876 posts, read 7,276,074 times
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I hope it can be proven the execs knew about the breach before they sold their stock.
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Old 09-10-2017, 01:13 AM
 
4,572 posts, read 7,057,201 times
Reputation: 4222
Yup, since it's a public company the SEC should investigate. One person involved was the Chief Financial Officer.
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Old 09-10-2017, 05:49 AM
 
Location: The sleepy part of New York City
1,945 posts, read 1,203,775 times
Reputation: 4317
A couple of months ago as my husband was paying some CC bills he asked why I needed to pay for a credit report. I knew I didn't order any.. They're free here anyway. So I called the CC company and they took the charge off but my main concern was WHO is looking for access to my credit info. and WHY? .
The CC company wasn't very forthcoming. To them it was all in a days work. As far as they were concerned they took the charge off my card and that should be that, so I demanded to speak to someone higher up.
It turns out someone stole my credit card info somehow and they used that to purchase a credit report on someone else. They gave me the person's name and state that the report was ordered for. I wanted to have that person arrested but they told me he probably was as innocent as I was and explained that it was that person's credit they were probably trying to steal.

They did say that this would be turned over to the proper authorities for investigation but I never heard anymore about it, so I don't know.

When I think about the amount of info that I have put on the internet.. from our SS, pension, drivers license renewals.. It's scary to think somebody could get access to that so easily.
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Old 09-10-2017, 06:19 AM
 
Location: SE corner of the Ozark Redoubt
2,781 posts, read 930,880 times
Reputation: 2823
Quote:
Originally Posted by ms12345 View Post
It's time for the government to pass laws requiring strict protection of personal data. ...
Quote:
Originally Posted by TRex2 View Post
Already done, but don't forget, those laws were to protect businesses from fraud, and to protect the government from accusation by the people.
...
Actions against Equifax will be minimal, and any class action lawsuit will be limited in the damages they can collect.

Someone should post a summary of the laws proscribing requirements to notify people of a security breach, remedies for injury, and the penalties associated with failure to comply. I looked up the TX law, and from what I saw, maximum damages to Equifax look to be about $25 Million (Equifax is worth over $6 Billion).

As I already alluded to, "The Powers That Be" don't consider us to be the real injured party. They consider the danger to commerce or the government itself, and are mainly concerned that damage to commerce will limit the money available for them to tax.

Injury to individuals is incidental.
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Old 09-10-2017, 09:43 AM
 
Location: LEAVING CD
22,952 posts, read 22,531,772 times
Reputation: 15493
Quote:
Originally Posted by lancers View Post
I don't imagine it would be too easy to open a car loan or get a mortgage with this hacked info would it? Should we be more worried about credit cards being opened?

I think Equifax should pay for credit monitoring and credit freeze unlocks for all credit reporting agencies for all those affected for life.
As for getting anything meaningful in a class action suit well you can forget that.
But the attorneys will make BILLIONS on it, that you can bet on...
I'm going to freeze our credit along with some other suggested things that I posted upthread. That's what all the paid fraud companies do.
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Old 09-10-2017, 09:51 AM
 
823 posts, read 563,979 times
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So the Equifax information was breached on July 29. I had serious criminal breaches of two accounts on August 7 and 10. Maybe that was a coincidence, but I've never had fraud on any of my accounts before.

In the first incident, I asked the Chase Visa Fraud department how the criminals were able to use my credit card information in a Home Depot in-store purchase without the physical card being present (3 in-store purchases within a couple of minutes and for about $500.00 for each transaction). They could not give me a good explanation. They said whoever used my cc number just "keyed it in, and they're not supposed to do that."

I already had a freeze on my Equifax credit report, and at the time I reported the credit card fraud, they put a 7-year fraud alert on my file and said that they would tell the other two credit report agencies (Experian and TransUnion) to do the same. I now have freezes on my credit reports with all three agencies.

Then I changed every single password on every single email account, plus all the passwords on all my accounts that involve money.

I just checked that haveibeenpwned.com website and my data has been breached in places where I used a simple, throwaway password, the same password I use anywhere that doesn't involve any money. Tumblr. Dailymotion. Is it a problem that thieves are in possession of a simple, throwaway password that I use where there's no financial risk? Maybe there are dire consequences I haven't thought of. What might those be?
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Old 09-10-2017, 10:23 AM
 
Location: SE corner of the Ozark Redoubt
2,781 posts, read 930,880 times
Reputation: 2823
Quote:
breached in places where I used a simple, throwaway password, the same password I use anywhere that doesn't involve any money. Tumblr. Dailymotion. Is it a problem that thieves are in possession of a simple, throwaway password that I use where there's no financial risk?
Not unless you make some connection from those places to non-throw-away accounts.
The only risk you have in those cases, is that someone may post stuff
to your tumblr or dailymotion accounts that you don't approve of.

The real problem is that many people will use a reasonably strong password, but the same password, for a bunch of accounts, and when one account gets compromised, the hackers add that password to their list of ones to check on all other accounts.
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Old 09-10-2017, 10:46 AM
 
754 posts, read 867,024 times
Reputation: 971
Greed runs the world. These POS companies could care less about you other than the money you represent. Same goes with our inept Government. No one is doing a thing about Internet security that is worth anything. They just don't care and there is no severe or immediate consequences to both companies and our Government. However, you can be assured that politicians and big business leaders have safeguards in place to protect them...just not the "little people".

We should be WAY past SSNs as a form of identity. That is an outdated system.

Why aren't any of these company executives ever held criminally liable for all this fraud? Same goes with politicians? Privacy/Internet security is dead and no one cares.

...and don't get me started on the one-sided credit system we have. It's a joke!

I do hope everyone has a nice Sunday though
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Old 09-10-2017, 11:10 AM
 
Location: NC
4,534 posts, read 7,320,499 times
Reputation: 4738
Quote:
Originally Posted by cjseliga View Post
Equifax will probably file for bankruptcy and be dissolved by the end of next year, so they won't be paying for any credit monitoring for anybody for life.

I posted this in another thread about a class action lawsuit and I agree with you (the only people getting rich off of a class action is the lawyers ):

So basically, let's say a class action lawsuit is won, and the award is something like $100 million, after the lawyers take their cut, we all end up with like $0.25, sounds about right. If we throw out a pie-in-the-sky number of $10,000, in order to get that each, after the lawyers cut, never forget about their cut, the award would probably need to be in excess of $1.5 TRILLION, with a "T".
Yeah, that's kinda how I rationalized not bothering with the Class Action Suit.... not worth it.
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Old 09-10-2017, 11:14 AM
 
Location: Straddling two worlds
2,517 posts, read 800,943 times
Reputation: 1753
The point of a class action suit isn't for us to get rich, it's for them to pay and be held accountable. That said, their penalty would have to be HUGE for it to make a difference to their bottom line. Turns out I was also a victim of the Experian 2015 hack, according to https://haveibeenpwned.com.

Last edited by Hannah5555; 09-10-2017 at 11:18 AM.. Reason: not equifax 2015
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