Hackers going after the Crown Jewels of Cyber Security – Equifax attacked, 143 Million Customers affected!
As people were anxiously awaiting the arrival of Hurricane Irma in South Florida another disaster was quietly unfolding in the background with devastating impacts for decades to come. News reached our office last week that Equifax, one of the largest Consumer Credit Report Bureaus in the U.S., has been hacked compromising Social Security Numbers, Addresses, Birth Dates, Credit Card Information, and Driver’s License Numbers. While identity theft has not been the primary focus of service for Xfile Accounting it has become an area of such impact to businesses, employees, and individuals alike, that we decided to include it into our portfolio in case important news come up which our clients and readers need to be aware of.
After a lot of back and forth in the past few days on how to handle this situation which included measures such as
- A link provided by Equifax to check whether or not your information has been compromised (apparently this alert cannot be taken seriously with a reporter of the NY Times providing random information which still triggered the alarm – Lieber, 2017),
- A Class-Action suit filed on behalf of all 143M potential victims (Case No. 3:17-cv-1405),
- Equifax offering a one-year (very confusing) free enrollment in a protection service (which does not include Experian or TransUnion) and can potentially, according to a Reddit (2017) publication, eradicate any damage claims in result of the Class-Action (this has already been addressed by New York State’s Attorney General Eric Schneiderman [who] took to Twitter today to declare that the language is unenforceable (Gallagher, 2017)
- To establish a freeze on your existing credit files to avoid unauthorized access (Lieber, 2017 discusses widely the issue with the provided PIN), and last but not least
- An announcement by the NY State Office of the Attorney General that he has opened a formal investigation into the incident (Attorney General, 2017)
Here is what we at XFile Accounting think is what you should be doing in this situation, which is not being reported anywhere. The truth, in our opinion, is that this incident needs to be treated like the common loss of your wallet. And upon simply typing this question into a google search these are the steps the DMV recommends any individual to do in case something like this happens (the full list can be found here: http://www.dmv.org/articles/9-urgent-must-dos-if-you-lose-your-drivers-license/)
Report the Loss to the Police (VERY IMPORTANT FOR ANY RESIDENT ALIENS!)
- Filing a police report creates a paper trail. This helps prove to credit card companies, banks, and even law enforcement that recent activity such as fraudulent charges on your credit card or bank account or illegal misconduct was the work of identity thieves. You should:
Find the quickest way to file a police report—online, in person, over the phone. (If they are asking for proof just show them the results from https://www.equifaxsecurity2017.com/potential-impact)
Be as specific as possible. Small details that don’t seem like a big deal now could turn out to be valuable info later.
Obtain a copy of the report for yourself!!!
Report the Loss to Your ID Theft Protection Service
- Immediately contact your identity theft protection service so it can:
Place fraud alerts.
Freeze your credit report.
And then closely watch your financial accounts.
If you aren’t already a member of an Identity Theft Protection Company, it’s never too late to inquire. Companies such as LifeLock (DMV recommendation) take an aggressive and proactive approach to protecting your identity before you’ve lost your driver’s license or wallet. LifeLock institutes its 5 Points of Protection that include:
Monitoring your identity for theft.
Scanning for identity threats.
Responding to identity theft.
Tracking your credit score.
And a $1 million guarantee.
Typically, credit-monitoring services have a waiting period before enrolling you as a member. If you dropped the ball this time around, don’t put yourself at further risk down the road. Enroll NOW.
Notify the State DMV
- Contact the nearest DMV branch to report your lost driver’s license (or in this case the potential theft of your driver’s license number). The State might flag your license number in case another driver gets pulled over by law enforcement and presents your driver’s license as his own. Often times a clerk will only suggest that you immediately apply for a duplicate, but it doesn’t hurt to ask about a database the DMV shares with the police.
Watch for the Signs of Identity Theft
- Channel your inner Magnum P.I. and begin keeping a close watch for anything out of the ordinary. Keep the risks listed above in mind, and:
Periodically run a criminal background check on yourself to see if warrants pop up.
Monitor your credit score by periodically reviewing your credit report.
Answer your phone when numbers you don’t recognize pop up on your caller ID. It could be a creditor or collection agency calling to collect on an account that ID thieves fraudulently created. - Don’t forget to keep your children in mind. Everybody is provided a social security number upon birth but since we do not think of our minors as adults we don’t consider that there can be any activity on their credit report and years go by without us noticing anything. You can request your children’s credit report by following these instructions: https://www.annualcreditreport.com/requestingReportsInSpecialSituations.action#RequestAsLegalGuardian. This has to happen in writing and needs to be sent to all three credit report unions. And while you are signing up for your Identity Protection Service you might as well add your children into the plan.
Please let me know in case you have gained any further insights or have any specific questions. Do not take these events lightly as they can have a major impact on your life and your family. Our recommendation is that if you are a legal immigrant you should be especially cautious to leave a paper trail of your attempts to report this situation.
Resources:
Attorney General, 2017: A.G. Schneiderman Launches Formal Investigation Into Equifax Breach, Issues Consumer Alert. AG.NY.gov. September 8th, 2017. Retrieved from: https://ag.ny.gov/press-release/ag-schneiderman-launches-formal-investigation-equifax-breach-issues-consumer-alert as of September 11, 2017
Gallagher, S. (2017): So, Equifax says your data was hacked—now what? Arstechnica.com. September 8th, 2017. Retrieved from: https://arstechnica.com/information-technology/2017/09/so-equifax-says-your-data-was-hacked-now-what/ as of September 11, 2017
Lieber, R. (2017): After Equifax Breach, Here’s Your Next Worry: Weak PINs. NYTimes Online. September 10, 2017. Retrieved from: https://mobile.nytimes.com/2017/09/10/your-money/identity-theft/equifax-breach-credit-freeze.html?action=click&module=Latest&pgtype=Homepage as of September 11, 2017
Lieber, R. (2017): Equifax’s Instructions are confusing. Here’s what to do now. NYTimes Online. September 8, 2017. Retrieved from: https://www.nytimes.com/2017/09/08/your-money/identity-theft/equifaxs-instructions-are-confusing-heres-what-to-do-now.html?mcubz=3 as of September 11, 2017
Reddit (2017): Do not use equifaxsecurity2017.com unless you want to waive your right to participate in a class action. Reddit.com. Retrieved from: https://www.reddit.com/r/personalfinance/comments/6yryuu/do_not_use_equifaxsecurity2017com_unless_you_want/ as of September 11, 2017
