Equifax got hacked - 143 million people affected

[daves87rs]

It's only going to get better from here...betting Transunion gets hit next. From a good friend who does IT fraud- if the hackers want it bad enough-they will get it. PINs will slow them down-but not stop them. Also willing to bet the hack came from outside the US....you know, cause we are making so many fiends this year...

 

[pbm]

Originally Posted By: ZeeOSix

If it's like any other class action lawsuit you'll end up with a check for $1.67 and the lawyers will get $5 million. I'd rather have the free monitoring service if it's going to prevent identity theft than a class action lawsuit check for a couple of bucks.

Yeah, that's been my experience with CA lawsuits....the victims get pennies...the lawyers get dollars... Quote: "Also willing to bet the hack came from outside the US....you know, cause we are making so many fiends this year... frown" Maybe it's time our 'law enforcement' agencies, like the FBI, got back to protecting Americans rather than playing politics....

 

[fdcg27]

The practical effect of massive class actions is to penalize bad corporate behavior and to incentivize organizations to do a better job in reducing risks to consumers as well as third parties. The third parties suffering potential injury in this case involve everyone in this country who has reached the age of majority as well as every organization that is exposed to extending credit that proves uncollectible since it was granted based upon identity fraud. The "free monitoring service" will be a part of any settlement in any event and is probably worth what it costs. With great potential vulnerabilities comes great responsibility. Equifax had the former and failed to discharge the latter. OTOH, there is no such thing as perfect security with a database that has to be available online to perform its intended function. My primary concern here is that this breach went on for so long undetected and that there may have been improprieties involving the sale of company stock ahead of the public announcement.

 

[Nickdfresh]

I think a better "effect" would be to prosecute the three CEO [censored] for insider trading and essentially profiting from their own incompetence... It's nothing short of criminal negligence magnified by their keeping things under wraps until after the sale of their stock and is galling. But it's okay in 'Murica to commit white collar crime under the guise of being a "CEO" of a bank/chemical company/defense contractor/etc. [censored] all over the unwashed masses... One doesn't have a choice to give these credit bureaus their personal information, unlike a bank and this is the second hack in recent memory...

 

[OneEyeJack]

Originally Posted By: LoneRanger

Originally Posted By: OneEyeJack

I've always wondered if I'm hack proof because my credit score is "0" and I officially own nothing except a couple of paid for vehicles and personal belongings. My home and property are in a trust. I have a debit card that is kept as close to zero as possible and not often used. No other bank accounts of any kind. To test it I applied for a Home Depot credit card and got instantly turned down. I was told by a banker friend I'm what's called a "ghost". If I got "hacked" I could lose as much as $100 but no more. My info would be just like me, worthless.

Well you're not worthless around here. I always enjoy reading your topics and replies.

Thanks for the nice comment. This means more to me than a credit score. Sometimes this credit score stuff and the whole credit tracking system appears to be a way of training people to behave and contribute to a system that makes other billionaires that do nothing more than push data, that have no product or otherwise useful service. To join their system just get in line and wait for instructions. I've had friends at work that tell me they can't conceive of ever being able to purchase a car with cash or ever get out of debt. They tell me those car payments are just an ongoing lifetime expense. They often need something now and put it on a credit card and then make payments. They find it difficult to understand that I find some way to go without such a purchase until I can pay for it. I have been told all about 0 interest car loans, bonus points, special deals, and shifting balances and it all amounts to just more schemes to keep you in the system. You can figure it any way you like and it still feels like a very marketing centric scam to me. And now you can get hacked and if you're in the system you're exposed to some real damage.

 

[SZR48207]

So one thing to keep in mind is that the breached data may currently be for sale on the black market, which means that info has not yet been put into the hands of people who want to commit further crimes with it (odd as that sounds). In other words - us finding out that there was a breach does not mean that the scumbags will now begin opening accounts in everyone's name. Back when Walmart.com had a breach of data, it took almost a year before they started using my account info to try and gain access to various websites. However, once they start on your info, they'll hit everything they can until they move onto the next one. It would be smart to begin monitoring/freezing your stuff now, but it could be years before your name comes up in the queue and they try using your info to open accounts.

 

[LoneRanger]

Just checked my Password Vault (offline local file, backed up to two diff medias) and the PIN to my Equifax Freeze is ten digits. I can't see them cracking a 10 digit PIN, or spending the effort to do so when they have 100 million+ unlocked and ready to go credit files. I would log onto Equifax and change it or request a new one but I don't trust in their security situation at the moment. Suppose I'll instead rely on the hackers paying more attention first and probably for a while, to credit files that aren't locked.

 

[CKN]

Originally Posted By: OneEyeJack

Originally Posted By: LoneRanger

Originally Posted By: OneEyeJack

I've always wondered if I'm hack proof because my credit score is "0" and I officially own nothing except a couple of paid for vehicles and personal belongings. My home and property are in a trust. I have a debit card that is kept as close to zero as possible and not often used. No other bank accounts of any kind. To test it I applied for a Home Depot credit card and got instantly turned down. I was told by a banker friend I'm what's called a "ghost". If I got "hacked" I could lose as much as $100 but no more. My info would be just like me, worthless.

Well you're not worthless around here. I always enjoy reading your topics and replies.

Thanks for the nice comment. This means more to me than a credit score. Sometimes this credit score stuff and the whole credit tracking system appears to be a way of training people to behave and contribute to a system that makes other billionaires that do nothing more than push data, that have no product or otherwise useful service. To join their system just get in line and wait for instructions. I've had friends at work that tell me they can't conceive of ever being able to purchase a car with cash or ever get out of debt. They tell me those car payments are just an ongoing lifetime expense. They often need something now and put it on a credit card and then make payments. They find it difficult to understand that I find some way to go without such a purchase until I can pay for it. I have been told all about 0 interest car loans, bonus points, special deals, and shifting balances and it all amounts to just more schemes to keep you in the system. You can figure it any way you like and it still feels like a very marketing centric scam to me. And now you can get hacked and if you're in the system you're exposed to some real damage.

Yes-your exposed-but it's more of a major inconvenience than anything else. Chances are it won't cost you anything. As a matter of fact-most home owners policies now have coverage for identity theft. Inconvenience-yes, monetary damages-not necessarily. We all know (from previous posts) your preference is more of an "under ground economy" with private loans done between you and "like people".

 

[OneEyeJack]

The bad guys might turn out to be those that offer to help or protect people that don't know any better. There are so many accounts available if there really was a hack and most people won't change a thing or do anything different. The bad guys can farm this info for years to come.

 

[CKN]

Originally Posted By: OneEyeJack

The bad guys might turn out to be those that offer to help or protect people that don't know any better. There are so many accounts available if there really was a hack and most people won't change a thing or do anything different. The bad guys can farm this info for years to come.

The bad guys can be anybody....we are not alone. Put your tin foil hat on and count your ammo..... Furthermore-if you don't protect yourself after this "hack" then the fault is nobody but your own.

 

[xfactor9]

People who say they're not overly concerned because they never apply for credit, do not understand the magnitude of this! -Your social security benefits can be hijacked. -Your identity can be stolen for things besides applying for credit. -They can file fraudulent tax returns with your SSN, claiming a refund and leaving you with a tax bill. -Who knows what other schemes that haven't been invented yet Heads at that company need to roll

 

[CKN]

Originally Posted By: xfactor9

People who say they're not overly concerned because they never apply for credit, do not understand the magnitude of this! -Your social security benefits can be hijacked. -Your identity can be stolen for things besides applying for credit. -They can file fraudulent tax returns with your SSN, claiming a refund and leaving you with a tax bill. -Who knows what other schemes that haven't been invented yet Heads at that company need to roll

\\ That's a good question-if you live your financial life in an "under ground economy" does Equifax still have your social security number? They probably do-since he said he (oneeyejack) applied for a Home Depot credit card and was immediately turned down. He would have (most likely) provided his Social Security number-so it would seem it's on record with them. I have a few things from a financial standpoint to do tomorrow-then Tuesday I will be on my computer freezing my credit and the wife's.

 

[Nickdfresh]

Originally Posted By: CKN

Originally Posted By: xfactor9

People who say they're not overly concerned because they never apply for credit, do not understand the magnitude of this! -Your social security benefits can be hijacked. -Your identity can be stolen for things besides applying for credit. -They can file fraudulent tax returns with your SSN, claiming a refund and leaving you with a tax bill. -Who knows what other schemes that haven't been invented yet Heads at that company need to roll

\\ That's a good question-if you live your financial life in an "under ground economy" does Equifax still have your social security number? They probably do-since he said he (oneeyejack) applied for a Home Depot credit card and was immediately turned down. He would have (most likely) provided his Social Security number-so it would seem it's on record with them. I have a few things from a financial standpoint to do tomorrow-then Tuesday I will be on my computer freezing my credit and the wife's.

Yes, they also have your employment history to an extent. I actually had good credit a while back despite not having a credit card or loan for over 10 years pretty much just based on job-time. 'Cause I was like totally "off-the-grid" man. I wasn't.... Anyone that thinks they're safe as a "ghost" isn't and are delusional if they think so. You may actually be more at risk. I would actually just get credit, then track it via Credikarma for free. Anyone can get a secured credit card and build very good credit from a ghost within a couple months... If you don't, someone else just might!

 

[ZeeOSix]

Maybe I missed it, but how can someone "lock down" everything so someone can't use your info to get a credit card, etc ... not even you unless you "unlock" it.

 

[CKN]

Originally Posted By: ZeeOSix

Maybe I missed it, but how can someone "lock down" everything so someone can't use your info to get a credit card, etc ... not even you unless you "unlock" it.

There is a link at the beginning of this thread to consumer reports that explains it. But yes-I'm locking everything down on Tuesday.

 

[ZeeOSix]

Thanks CKN, I need to lock everything down too. No reason for me to apply for any kind of credit anyway. If the need ever happens I can unlock it as required. Maybe that's how the "credit world" should operate by default.

 

[pandus13]

Originally Posted By: fdcg27

Originally Posted By: ZeeOSix

So sounds like Equifax is going to give the free service to anyone who wants to sign-up regardless if their info has been compromised or not. From the Equifax website about signing up for free identity theft protection and credit file monitoring services: "When you begin, you will be asked to provide your last name and the last six digits of your Social Security number. Based on that information, you will receive a message indicating whether your personal information may have been impacted by this incident. Regardless of whether your information may have been impacted, we will provide you the option to enroll in TrustedID Premier."

Oh yeah, sure, but part of the deal they're offering to protect you from their screw-up is that you have to give up any rights of recovery for damages in the lawsuits that are even now in progress. Such a deal!

NY AG posted that that clause is un-enforceable and that he sent already notes to Equifax to be modified.... going trough the comments in various Yahoo threads, couple people already mentioned the security that the other 2 used and what Equifax did not use.... and we already know the CSO is a lawyer with no IT knowledge...

 

[jeepman3071]

What kills me is the fact that we are automatically sending all this data to these companies who make millions off of it, yet when something happens we are left holding the bag. If the PIN number for your account is also stored within the company's database, you can bet that has been compromised too. This could potentially be really bad for the economy. Think about it, 143 million people is obviously everyone with some form of credit, since it is half the population of the entire US. If your credit gets compromised and tanks, there goes your chances of buying anything with credit. These credit bureaus are run by idiots, and much of your purchasing power depends on it these days unless you pay everything in cash. My friend runs an online business. Her identity was stolen from one of the other breaches (Target I think?) and it turned into a huge nightmare. Her Paypal account which she uses for business transactions became locked, her credit score tanked so she couldn't get any loans or even open a new bank account. She is still fighting certain parts of that whole situation.

 

[pandus13]

Originally Posted By: jeepman3071

What kills me is the fact that we are automatically sending all this data to these companies who make millions off of it, yet when something happens we are left holding the bag. If the PIN number for your account is also stored within the company's database, you can bet that has been compromised too. This could potentially be really bad for the economy. Think about it, 143 million people is obviously everyone with some form of credit, since it is half the population of the entire US. If your credit gets compromised and tanks, there goes your chances of buying anything with credit. These credit bureaus are run by idiots, and much of your purchasing power depends on it these days unless you pay everything in cash. My friend runs an online business. Her identity was stolen from one of the other breaches (Target I think?) and it turned into a huge nightmare. Her Paypal account which she uses for business transactions became locked, her credit score tanked so she couldn't get any loans or even open a new bank account. She is still fighting certain parts of that whole situation.

Also don't forget the risk of all actions beside credit-related: ID theft?

 

[Drew99GT]

Originally Posted By: LoneRanger

Just checked my Password Vault (offline local file, backed up to two diff medias) and the PIN to my Equifax Freeze is ten digits. I can't see them cracking a 10 digit PIN, or spending the effort to do so when they have 100 million+ unlocked and ready to go credit files. I would log onto Equifax and change it or request a new one but I don't trust in their security situation at the moment. Suppose I'll instead rely on the hackers paying more attention first and probably for a while, to credit files that aren't locked.

The problem I see with a credit freeze is hackers can still get your pin to unfreeze your credit and change your information! I basically just did that on the Equifax website; as long as you provide your personal information/SSN, you can get the pin. It's really stupid. You should be able to provide your own security questions and your own pin to even get access to your account. That is how I set up my Capital One Credit Card after I got hacked and someone tried changing my address/phone numbers etc. on my account. Now in order to do that stuff, you have to know my personal pin and it can't be given out just with personal info. You have to know the pin to get to the personal info.