Because of these efforts – and many others listed in our Security Annual Report – we’ve built one of the most advanced, effective, and transparent cybersecurity programs in business today. Equifax’s Chief Information Security Officer serves as an advisor on cybersecurity to the Federal Bureau of Investigation at the Bureau’s request.Įquifax also introduced next generation cybersecurity detection and response technology across our operations. We invested $1.5 billion to build top-tier security and technology capabilities and hired more than 600 highly skilled cybersecurity professionals to protect consumer data. Strengthening Protections of Your Dataįollowing the 2017 cyberattack on Equifax by members of the Chinese Military, we completely overhauled our security program. Earlier this year, those who opted for credit monitoring also received a free four-year membership in identity protection from Experian ®. Equifax has been providing free credit monitoring services to consumers since September 2017. Under the Court-approved settlement, a consumer restitution fund of up to $425 million was created to pay for three-bureau credit monitoring for consumers whose information was impacted in the 2017 breach, actual out-of-pocket losses related to the breach, and other consumer benefits such as identity restoration services. Other Consumer Benefits of the Settlement The sheer scale of affected Americans - many of whom had never signed up with the credit. The FTC also posted a blog about the settlement. While plenty of breaches have been announced since then, few have touched a nerve like the Equifax breach. Go to the Federal Trade Commission’s website.Call the settlement administrator at this toll-free number - 1-83.Visit the administrator’s website, which includes a Frequently Asked Questions page.More Information Available Online and Via Toll-Free Phone Number The parties to the settlement agreed to appoint a third party settlement administrator, which was approved by the federal judge overseeing the settlement, and the actual amounts being received by consumers were determined by the settlement administrator in accordance with the terms of the settlement. The data breach is one of the worst ever, by its reach and by the kind of. The company said it discovered the hack on July 29. states and territories, the attorneys representing the consumer class action plaintiffs, and Equifax. The breach occurred between mid-May and July, Equifax said. The settlement was reached after a lengthy process and agreed to by the Federal Trade Commission, the Consumer Financial Protection Bureau, 50 U.S. There has been no evidence that the data stolen in the 2017 breach has ever been used. Since the 2017 cyberattack by members of the Chinese military, Equifax completely overhauled its security program to enhance protection of consumer data.The settlement administrator, not Equifax, set the payment amounts pursuant to the terms of the settlement agreement.The third-party settlement administrator appointed by the court to manage the Equifax ® cybersecurity incident settlement has begun sending cash payments to claimants who submitted for cash benefits as part of the settlement.You’ll find an overview of what each provides in this article. Consider credit monitoring or identity theft protection to help protect your personal information.But also note that there are many kinds of identity theft that do not require a credit check and, thus, may not be thwarted by credit freezes or fraud alerts. You’ll find more information in this article. Consider putting a credit freeze or fraud alert on your credit reports.If you spot something that doesn’t look right, contact that financial institution. Monitor your credit card and bank accounts frequently, keeping an eye out for unfamiliar transactions.If you find activity that isn’t yours, here’s how to file a dispute with the credit agencies. You can order a free credit report from each of the three major credit reporting agencies once every 12 months. Check your credit reports to confirm that thieves haven’t opened credit card accounts or taken out loans in your name. Buying credit monitoring services Dealing with fraud or identity theft after the breach.
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