Massive personal data hack - and you may be affected - Equifax

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100K Canadians affected according to the news last night.
 
I get that its all about the money, and I'm fine with that. However in my mind when you really get caught with your pants down you need to own that mistake.
Legal counsel willing be telling them what to do/say now the class action suits are lining up.
 
crankcall said:
I get that its all about the money, and I'm fine with that. However in my mind when you really get caught with your pants down you need to own that mistake.
Legal counsel willing be telling them what to do/say now the class action suits are lining up.
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Their bigger concern should be survival. Why do so many organizations rely on Equifax? Could their role be scooped by a newer, more agile company (eg. one that doesn't snail mail sorry notices to half of north america)? Changing suppliers is a pain, but when your current supplier pisses off your customers, that may be enough to start looking elsewhere.
 
Equifax shares down 30% .... so far.

So many companies use them because of the depth of info they can access. They are 'trusted' and safe as a vendor, you knew you were getting a clear picture of credit. Its pretty hard for upstarts to break into the business and get clearances on info.

As we now know the downside of how much info they held has shown up in the hacking attack.

Personal data security and companies like LifeLock are the future. Sadly the claims that your covered for 1 million for a lot of people isnt enough.
 
crankcall said:
Equifax shares down 30% .... so far.

So many companies use them because of the depth of info they can access. They are 'trusted' and safe as a vendor, you knew you were getting a clear picture of credit. Its pretty hard for upstarts to break into the business and get clearances on info.

As we now know the downside of how much info they held has shown up in the hacking attack.

Personal data security and companies like LifeLock are the future. Sadly the claims that your covered for 1 million for a lot of people isnt enough.
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Whether it's data security or food production, high end protection favours the huge companies more so than money tight small organizations or start ups.

Equifax is a publicly traded corporation and all publicly traded corporations are guided by profit. At some point risks have to be taken to maximize profits or share values plunge.

In hindsight could one more set of eyeballs on the screen have averted this?

Have share prices hit bottom? A good buy or are they going to Nortel?
 
I'll be honest, I called my broker to ask if its buy time. With the number of lawsuits and the number of people joining class action it could be a real gamble. Guys much smarter than me expect it to tank further.
 
Riceburner said:
Yeah. Who else does the credit stats that they do at their level?
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Trans Union and Equifax are the two biggies in Canada and globally.


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you can bet Trans Union has 50 nerds on overtime locking down thier system. This is an awesome time to be them and not Equifax.
 
Had lunch with a guy that mentioned his CC was compromised, I said I havent had that issue in yrs. Get home and get the call from BMO, my card was compromised..... am i paranoid or has it started?
 
crankcall said:
Had lunch with a guy that mentioned his CC was compromised, I said I havent had that issue in yrs. Get home and get the call from BMO, my card was compromised..... am i paranoid or has it started?
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Was it just that someone had the appropriate numbers or had the card been used?
 
Buddy had a charge at bestbuy online go through $4,800.00 worth, mine was an attempt to buy at a california retailer, was blocked by BMO. His was reversed within 24hrs by Visa. Mine just got my cards cancelled out.

Both inconvenient but I have to say, BMO was on top of my case and pretty helpful, my new card will be here in 24hrs.
 
I don't think the credit reporting agencies have the data to give access to debit cards and credit cards.
Doubt it's related to Equifax.
 
raginduck said:
I don't think the credit reporting agencies have the data to give access to debit cards and credit cards.
Doubt it's related to Equifax.
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I wanna agree. Not sure that Equifax info would include the security code for the cc.
I would think the Equifax issue will be more mortgage size related.

I haven't tried looking into it yet, but the last I read (maybe a link that was here) was that only ppl with US holdings were affected. Any confirmation on that?

sent from my Purple LGG4 on the GTAM app
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