Equifax could pay up to $700 million, and that may be insufficient:
Equifax could pay up to $700 million as part of a settlement related to the 2017 hack that exposed the personal information of roughly 147 million consumers. Despite the settlement’s size, it may be insufficient in addressing the issues consumers affected by the hack may face.
However, some forms of identity fraud were more costly — both in terms of the money lost and time spent. New-account fraud, in which criminals use a consumer’s personal information to open a fraudulent account in their name, costs consumers $318 on average. And it takes these victims twice as long on average to resolve the situation
‘The settlement provides some compensation right now, but the risk of identity theft is forever because our stolen Social Security numbers can be traded by hackers in perpetuity.’ —Chi Chi Wu, staff attorney at National Consumer Law Center The spokesman, who declined to be named, also argued that the money being given for time lost was meant to reimburse even those consumers who may have already recouped lost funds from their bank or another financial institution.
To make matters more complicated, criminals may now be able to piece together information they obtained from multiple breaches to more effective steal people’s identity. Plus, with so many other data breaches occurring in recent years, it can be hard to know which one led to a criminal getting a person’s information. To make matters even worse, criminals may now be able to piece together information they obtained from multiple breaches to more effective steal people’s identity.
México Últimas Noticias, México Titulares
Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.
Equifax's $700 million data breach settlement spurs calls for new rulesEquifax to pay up to $700 million over 2017 data breach, compensate consumers via ReutersTV
Leer más »
Equifax to pay $700 million over 2017 data breach, compensate consumersCredit-reporting company Equifax Inc will pay up to $700 million to settle U.S. ...
Leer más »
Equifax's $700 million data breach settlement spurs criticism, calls for new rulesCredit-reporting company Equifax will pay up to $700 million to settle U.S. federal and state probes into a massive 2017 data breach via ReutersTV
Leer más »
What consumers are entitled to in the $700 million Equifax settlementCredit reporting agency Equifax will likely pay out a $700 million settlement over the 2017 data breach that exposed the social security numbers of millions of people.
Leer más »
Game of Tongues: How Duolingo Built A $700 Million Business With Its Addictive Language-Learning AppDuolingo built a $700 million business by taking a gamified approach to language instruction. The addictive app grabs users with gamification tricks like points, treasure chests and “streaks” for continuous use
Leer más »