Equifax breach caused by lone employee's error, former CEO says

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No current Equifax official testified at the hearing held by the Digital Commerce and Consumer Protection subcommittee of the House Energy and Commerce committee. From mid-May through July, an as yet unidentified hacker group gained access to a large swathe of this data-including names, birthdates, street addresses, credit card numbers, and Social Security numbers-the company disclosed last month.

The Monopoly man is part of a protest by Americans for Financial Reform and Public Citizen to draw attention to forced arbitration clauses that are used throughout the financial industry and limit consumers' ability to take disputes to court, CNBC reported.

Kelly was already aware of the problem, having been informed July 30 by Equifax's chief security officer of the "suspicious activity", and had notified Smith by email, the former CEO acknowledged.

Equifax then compounded its mistakes by making it hard, if not impossible, for consumers to freeze their data, thus preventing its illicit use - and charging the consumer for the privilege!

On Monday, Equifax said the personal information of almost 146 million Americans may have been stolen, an increase of more than 2 million from the company's previous estimate.

The company was also slammed for charging individuals to check to see if they were affected, while its credit monitoring site was deemed susceptible to hacking and accidentally sending data breach victims to a fake phishing website for weeks.

"Following an internal review and an on-site visit with Equifax, the IRS believes the service Equifax provided does not pose a risk to IRS data or systems", it said in a statement to Politico.

Additionally, Equifax says that an investigation into how many United Kingdom consumers were affected by the breach is being analyzed in the United Kingdom.

Credit locks, like the product offered by Equifax, allow consumers to toggle on and off whether a new lender can access a credit report.

Despite Smith's departure from Equifax, which was announced on September 26, the company is still in hot water.

"Equifax advised us that no IRS data was involved in their breach".

Newly retired Equifax CEO Richard Smith told House members: "As CEO, I was ultimately responsible for what happened on my watch, ".

Kelly's role in approving the stock sales-which Smith said was a company requirement before executive shares could be sold-prompted Rep. "If nothing, it shows the IRS structurally needs some reform and needs major change, '" said Rep. Jackie Walorski (R-Ind.).

"I was advised Sunday that the analysis of the number of consumers potentially impacted by the cybersecurity incident has been completed, and I directed that the results be promptly released", said interim chief executive Paulino do Rego Barros Jr. That's the information that banks, insurance companies, and other businesses use to confirm that consumers are who they claim to be.

An Equifax employee failed to alert the company that it needed to apply a patch to the vulnerable system. In her initial letter to Equifax, Warren criticized the agency's lack of transparency about the hack, its slow response, and its insufficient-even predatory-efforts to protect affected customers in the aftermath. "But Equifax will be just fine-heck, it could actually come out ahead".

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