Equifax Promises New Product to 'Lock' Credit From Your Smartphone

  • Equifax Promises New Product to 'Lock' Credit From Your Smartphone

Equifax Promises New Product to 'Lock' Credit From Your Smartphone

Former CEO Richard Smith told Congress the company's failure to maintain software led to its data hack, and admitted he didn't ask hard questions.

The company is offering free credit monitoring and credit freezing for people who are concerned about their data falling into the wrong hands.

The breach, which happened in May, was discovered in July, but only disclosed last month, gave hackers access to social security numbers, birth dates, addresses, driver's license numbers and credit-card information. "During that time, Equifax's security tools did not detect this illegal access".

The company has said that it believes that hackers accessed Equifax Canada's systems through a consumer website application intended for use by US consumers.

Equifax's security team observes suspicious network traffic on a USA online dispute portal web application. Now the company has "a team of over 225 professionals focussing each and every day on security around the world".

"Because of this breach, consumers will spend the rest of their lives worrying about identity theft", Warren said.

The same team observes more suspicious activity and the company takes the affected web application offline.

Additionally, Equifax says that an investigation into how many United Kingdom consumers were affected by the breach is being analyzed in the United Kingdom.

A Texas Republican, Joe Barton, suggested that companies that allow people's sensitive information to be exposed by a hack should face a fine for each person whose data is stolen. In addition, there are at least 2 anticipated class actions filed against them in Canada. Cyber experts told Equifax that bad actors tend to converge on companies that publicly announce that they've been hacked to further exploit vulnerable systems.

Richard Smith, former chairman and CEO of Equifax Inc., testifies before House Energy and Commerce hearing on "Oversight of the Equifax Data Breach: Answers for Consumers" on Capitol Hill in Washington, U.S., October 3, 2017.

The Office of the Privacy Commissioner of Canada launches investigation into the breach. The now-dismissed chief security officer allegedly had a music composition degree, rather than a formal certificate in computer science, cybersecurity, or something pursuant to protecting virtual systems. Both are replaced with internal employees on an interim basis effective immediately.

The Equifax breach might have been state-sponsored, but it is still too early to say who might be behind it.

The breach involved TALX, which is Equifax's human resources and payroll service. She said consumers should decide who gets their financial data, not companies such as Equifax.

While Equifax previously said up to 100,000 Canadian citizens may have been affected, it said Monday that the completed review did not bear that out and it determined that the information of only about 8,000 Canadian consumers was involved.