Equifax hack opens door to lifelong threat of identity theft
According to Forbes, the Equifax hack exposed checking, savings and 401(k) accounts so money can be withdrawn, bogus accounts can be set up, and fraudulent tax returns can be filed. Hackers can pay medical bills with victims’ money and divert Social Security payments. If they are arrested, they can pretend to be the victim, giving the victim a criminal record.
Three pieces of data allow hackers to access those accounts – a name, a date of birth and a Social Security number. Credit card experts told USA Today, that lets them create a “new you.” While credit cards can be cancelled, that data doesn’t change, leaving victims exposed for years.
Fake Equifax website increased the danger
When the hack was finally announced on the 7th of September 2017, 143 million Americans – nearly have the U.S. population – realized they could be victims. Equifax sent them to a special website to find out, instructing them to enter their last names and the last four digits of their social security numbers. USA Today reported it was a fake website, further exposing victims.
Why didn’t victims know Equifax had their personal information?
Equifax collects people’s most sensitive personal and financial information, without their permission, and sells it to lenders. Lenders use it to decide if a buyer is qualified to buy a home, for example, or a car, or get a credit card. Equifax has been around since 1898 when a Tennessee grocer drew up a list of worthy customers and sold it to other business owners, creating the model for today’s Credit Bureaus. The model became a lucrative success.
Former Equifax CEO admits wrong-doing
In an interview with The Los Angeles Times, the recently resigned Equifax CEO said the company “failed to prevent sensitive information from falling into the hands of wrongdoers.” Equifax was also severely criticized for keeping the hack a secret for close to six weeks, leaving the vital information of millions of Americans at risk from May to September 2017.
Victims can sue Equifax
Victims are protected when they contact Wayne Wright. Calls and evaluations are free. Clients only pay lawyer fees when their case is won. The amount is based on an agreement with Wayne Wright before representation begins.
For more than 40 years, Wayne Wright has been successfully representing victims of corporate negligence and fraud. He is one of America’s top trial lawyers. CNN celebrated his 2014 Litigator Award during prime time. Both honors are based solely on the top dollar awards he secures for clients.