Page 25 - ARUBA TODAY

BUSINESS Tuesday 23 July 2019
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What consumers should know about Equifax $700M settlement

Associated Press penses related to freezing
Equifax’s $700 million settle- or unfreezing credit reports.
ment with the U.S. govern- For the time spent dealing
ment over a massive 2017 with the breach, consum-
data breach includes up to ers can seek $25 per hour
$425 million for consumers. for up to 20 hours as com-
The breach was one of the pensation.
largest ever to threaten All impacted consumers
private information, as the will be eligible to receive 10
breach exposed Social Se- years of free credit monitor-
curity and other data on ing, at least seven years of
nearly 150 million people. free identity-restoration ser-
Affected consumers would vices, and, starting in 2020,
get free credit-monitoring six free copies of their Equi-
and identity-restoration ser- fax credit report each year
vices for the next several for seven years. That’s on
years and may be eligible top of the free copy con-
for money they’ve already sumers can already get
spent on such services. by law every 12 months
Here is what you need to from each of the three big
know about the breach agencies — Equifax, Experi-
and what actions you can an and TransUnion. For mi-
take: nors, free credit monitoring
HOW DID HACKERS BREAK This July 21, 2012, file photo shows the corporate headquarters of Equifax Inc. in Atlanta. Equifax increases to 18 years.
IN? will pay up to $700 million to settle with the U.S. and states over a 2017 data breach that exposed If consumers choose not
According to the Govern- Social Security numbers and other private information of nearly 150 million people. to enroll in the free credit
ment Accountability Of- Associated Press monitoring product avail-
fice, the investigative arm dated list of computer sys- troduced a free credit-alert driver license numbers and able through the settle-
of Congress, a server host- tems administrators. When service. credit card numbers. Equi- ment, they may seek up to
ing Equifax’s online dispute the company circulated a There was also a manage- fax said 3,200 passport $125 as a reimbursement
portal was running software notice to install a patch for ment shakeup. The chief images were also stolen. for the cost of a credit-
with a known weak spot. the software vulnerability, information officer and top Criminals can use those bits monitoring product of their
The hackers, who have not the employees responsible security executive both re- of personal information to choice.
been identified, jumped for installing the patch nev- tired, and Equifax hired a commit identity theft. Consumers must submit a
through the opening. Hid- er got it. new chief technology offi- WHAT DO CONSUMERS GET claim in order to receive
ing behind encryption WHAT HAS EQUIFAX DONE? cer from IBM. FROM THE SETTLEMENT? free credit monitoring or
tools, they sent 9,000 que- The company has said it WHAT INFORMATION WAS Equifax has a page, https:// cash reimbursements.
ries to dozens of databases took steps to fix the issues STOLEN? www.equifaxsecurity2017. WHAT CAN CONSUMERS
containing consumers’ per- that allowed the breach to Equifax stores a trove of com , with a link to look up DO WITH CREDIT REPORTS?
sonal information, and then occur. That includes add- data that provides a fi- whether your information Examine all your listed ac-
methodically extracted the ing tools to better monitor nancial profile of millions was exposed. counts and loans to make
information. network traffic, restrict traf- of consumers, including Affected consumers may sure that the personal infor-
The attack went unnoticed fic between internal serv- how much they owe on be eligible for up to $20,000 mation is correct and that
by Equifax for more than six ers and tighten controls on their homes and whether in reimbursements for losses you authorized the transac-
weeks. who can access certain there are court judgments from unauthorized charges tion. If you find something
Equifax officials told GAO systems and networks. The against them. to affected accounts, le- suspicious, contact the
the company made many company also gave con- The compromised data in- gal and other fees, credit- company that issued the
mistakes. Some were as sumers more control over cluded Social Security num- monitoring or identity-theft- account and the credit-
simple as having an out- their Equifax data and in- bers, birth dates, addresses, protection services and ex- rating agency.q

Technology shines on an otherwise sluggish day for US stocks

By DAMIAN J. TROISE Nearly 150 companies in grew in the second quarter.
Associated Press the S&P 500 will report their KEEPING SCORE: The S&P
NEW YORK (AP) — Tech- quarterly results before Fri- 500 index was up 0.2% as of
nology companies were a day. 11:45 a.m. Eastern time. The
standout in midday trading Investors have been assess- Dow Jones Industrial Aver-
on Wall Street Monday in ing a mostly mixed batch of age was little changed at
an otherwise sluggish day company results over the 27,151. The technology-
for the stock market. past week and have not heavy Nasdaq rose 0.6%.
The tech sector was the been impressed. The mar- BREACH BILL: Equifax rose
only one to boast sizable ket has been mostly sliding 0.5% after a settlement was
gains, led by Apple and since hitting its latest record announced calling for the
Microsoft. Many other sec- highs a week ago, and is credit reporting agency to
tors were lower, especially coming off its worst week pay up to $700 million over
makers of consumer prod- since May. a huge data breach two
ucts like Philip Morris Inter- Whirlpool and TD Ameri- years ago that exposed
national and J.M. Smucker. The logo for Boeing appears above a trading post on the floor of trade report their results af- personal information of
Halliburton soared after the New York Stock Exchange, Monday, July 22, 2019. ter the market closes. Later nearly 150 million people.
turning in a solid earnings Associated Press this week, the government The breach was one of the
report, driven by gains in otherwise earnings news of a big week for earnings will report initial figures on largest ever to threaten pri-
its overseas business, but was relatively calm ahead reports. how fast the U.S. economy vate information. q