Introduction
You may have listened to the news about the Equifax data breach.
Equifax originally said that it impacted only a limited number of Canadians. They have now amended that report to say that 100,000 Canadians are affected. If your details were endangered, Equifax intends to get to you straight away with support as quickly as they have determined that.
In comparison, the Equifax data breach may have affected more than 143 million Americans!
Exactly what took place?
According to Equifax, the violation lasted from mid-May through July 2017. The hackers accessed people’s names, Social Security numbers, birthdays, addresses and, in some instances, vehicle driver’s permit numbers. They also swiped charge card numbers as well as disagreement files with individual identifying information. And they also obtained details of people in the UK and Canada too.
Equifax, is one of the two Canadian credit bureaus, was the subject of a data breach by hackers. This violation has affected lots of Americans, but for now Equifax believes the Equifax data breach has affected just a restricted number of Canadians. Equifax reminds everyone that the hacked US website is for US social security numbers, and does not work for Canadian consumers.
What information was taken?
In Canada, the hackers may have gotten sensitive details, such as names, addresses, and Social Insurance Numbers. Equifax believes that only a limited number of Canadians could have been impacted. They are working to figuring out the exact information. Equifax will update this information as they learn more.
Litigation and investigations begin
Considering that it is one of the largest hacks of the year, the compromised business is now dealing with loads of lawsuits. At least one legal action claims, among other things, that Equifax pumped up financial results to bring up the share price, prior to the hack being revealed. No allegations have yet been proven in Court.
After Equifax announced the Equifax data breach violation about $3 billion was cleaned away from the business’s market cap as its shares dropped by 17% immediately following the disclosure. Lawmakers are concerned that people’s delicate information was not correctly safeguarded. Investigations are ongoing.
Exactly how will this impact me?
The thing is that people who never bought any Equifax services will be negatively affected by the hack. If your details were jeopardized, it may put you at the threat of identity theft. Identification theft is when a person steals your personal information to open new accounts or dedicate activity utilizing your name. We urge you to check your credit score and stay alert in checking your credit card and any other financial account statements.
Equifax data breach: Have my details been endangered?
If you’ve ever before made an application for credit, as an example by requesting a charge card or a cellular phone service, Equifax has gathered your details. Equifax will only contact you if they have identified that your information has been breached. That is why we strongly recommend that you must carefully check all account statements you receive to make sure that: 1. You recognize the account as being yours; and 2. You do not see any suspicious activity in your accounts.
Equifax is the largest credit report bureau in Canada and is extensively made use by lenders, including banks, to prove creditworthiness. Equifax accumulates information from your bank as well as other sources to find your credit history, which is then given to lending institutions.
This case is the tip of the importance of data protection, which is something you must take very seriously. That is why IT people always recommend that you use bank-level encryption to safeguard your data. The Equifax data breach proves them right.
Canada’s privacy commissioner is interested in the Canadian data breach.
The Office of the Privacy Commissioner of Canada has received complaints and calls of concern about this data breach. The privacy commissioner is now considering the matter.
Equifax data breach: Your next steps
Check your credit rating
It’s important you watch your credit report as well as your various financial accounts. That way you will be aware of any kind of adjustments or suspicious activity.
You can do what is called a “soft” credit check on yourself at no cost using one of two Canadian services. We explain it all in our blogs:
- # VIDEO – CREDIT KARMA CANADA REVIEW: IS IT REALLY FREE AND LEGITIMATE? #
- #VIDEO- GOOD AND BAD CREDIT LOANS REVIEW CANADA #
Screen your credit card accounts as well as bank accounts
Your charge card and bank accounts are additionally important to watch. Keep an eye out for any transactions you did not make or approve as well as report any problems to your bank or credit card company right away.
Record any theft or crime
If you find a suspicious activity that could involve the theft of either your identity or assets or other criminal offences, report the event to your regional police. You could also report the rip-off or fraud to the Canadian Anti-Fraud Centre. Inform your financial institution as well as bank card firms. As well shut any accounts and cards that could have been hacked instantly.
To find out more, please call Equifax at 1-866-828-5961 or visit their website here.
Equifax data breach: Are you struggling with too much debt?
If you’re struggling with too much debt, give the Ira Smith Team a call. We can help with budgeting and credit counselling so that you can get back on track Starting Over, Starting Now.
