What consumers are entitled to in the $700 million Equifax settlement over the 2017 data breach.
Credit reporting agency Equifax will likely pay out a $700 million settlement over the 2017 data breach that exposed the social security numbers of an estimated 147 million people, according to federal officials.
FTC Chairman Joe Simons accused Equifax of failing to take"basic steps" to prevent the breach, of"deceiving consumers" about the strength of its data security program and of"engaging in acts and practices that caused additional harm or risk to consumers, the release states. The settlement would require Equifax to take steps to improve its data security going forward.
The hackers, who have not been identified, sent 9,000 queries to dozens of databases containing consumers' personal information and methodically extracted the information, according to AP. Equifax did not notice the attack for more than two weeks, AP reported. Any unreimbursed costs, expenses, losses or charges incurred as a result of identity theft and miscellaneous expenses associated with the breach, such as notary, fax, postage, mileage and telephone charges can also be claimed.
After the breach was announced, Equifax mailed notices to people whose credit card numbers or dispute documents with personal identifying information were impacted.
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