Equifax's Massive Data Breach Focuses Attention on Symantec's LifeLock

Equifax's Massive Data Breach Focuses Attention on Symantec's LifeLock

Equifax has updated their site to clarify that this is not the case; the standard Terms of Service for both the Equifax site and the company's TrustedID service do not apply to this data breach.

Equifax was founded in Atlanta in 1899, and over the years, has grown into one of the three largest credit-reporting agencies in the United States.

More than 140 million American consumers had their personal information compromised as a effect of a huge Equifax breach. Data that was accessed by the hackers included names, birthdays, addresses, and social security numbers. But the site provides responses even for bogus names and numbers (such as "Trump" and "123456"), leading to questions about its accuracy. On Monday, the company said it had backed away from that requirement. The company offers credit ratings reports for free to consumers in India, and requires users to submit their Aadhaar number to authenticate their identity for these reports. Neither your social security number or your birth date are going to change, after all.

Since cybercriminals may have accessed what Ulzheimer calls the "crown jewels of information" at Equifax, he also suggests putting a long term freeze on your credit. Responding to criticism, Equifax apologised in a corporate statement for any inconvenience caused by its support website or call centre, but the damage has already been done.

Equifax's stock dropped 13 percent to $124.10 in extended trading after its announcement of the breach.

Security experts are recommending consumers whose data was stolen place credit freezes on their accounts. If a creditor wants to view your data because an identity thief is trying to set up an account using your name and information, the freeze will prompt the creditor to refuse to set up a new account.

Trump administration presses Kuwait on Qatar, North Korean workers
The U.S. president said he appreciated Kuwait's role as a mediator "very much", but said he, too, would be "willing to be the mediator".

The U.S. government can still see someone's credit during a freeze, but creditors can't, reports Bankrate.com.

Richard F. Smith, the firm's chief executive, published a statement on his website saying "This is clearly a disappointing event for our company, and one that strikes at the heart of who we are and what we do".

Company executives are also under scrutiny, after it was found that three Equifax executives sold shares worth a combined $1.8 million just a few days after the company discovered the breach, according to documents filed with securities regulators.

The complaint also cites the fact that the company took more than a month before making the breach public and they were not able to disclose the reason why. Other big companies like Target Corporation (TGT - Free Report), Anthem Inc. "I can also use it to try to con somebody else". That blocks creditors from seeing your information.

Meanwhile, Equifax Inc. dropped 3.4% to $119.20 on Monday morning, following a almost 14% plunge as news of the massive data breach sparked widespread concerns about the security of customers' sensitive data. However, signing up for the service prevents consumers from participating in a class-action lawsuit unless you write a letter opting out of the legal clause. Arbitration is slated to be barred in the financial industry next year by the Consumer Finance Protection Bureau, but Republicans have sought to reverse that ruling.

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