FTC probes Equifax; top Democrat likens it to Enron

Ann Santiago
September 15, 2017

"It's one of the most egregious examples of corporate malfeasances since Enron", Schumer said, calling Equifax's treatment of consumers afterward "disgusting" and its inability to protect data "deeply troubling".

Leigh-Anne Galloway, cyber security resilience lead at Positive Technologies, said: "Given how often flaws of this nature are discovered, it's therefore not a huge surprise that an exploit of a vulnerability was the entry point for the Equifax breach".

Equifax revealed last week it had been hit by a breach affecting a staggering 143 million Americans, leading one senator to suggest Congress needs to take a comprehensive look at cybersecurity.

Legitimate businesses do not ask consumers to verify account information via cold calls or emails.

The fallout from the Equifax breach is widening. "So if you print up a fake social security card and walk into a bank that the originator of that social security number has never done business with, you can easily open an account in their name and be them for all intents and purposes".

Shares of Equifax have lost almost a third of their value in the week since the breach was disclosed. Equifax also hasn't shared any evidence to support this finding.

Meanwhile, Canadians who are anxious they might be victims of the Equifax Inc. hack say they are being treated as an afterthought in the wake of one of the largest online data breaches in history. The information is needed to determine if you were affected.

However, Equifax Canada's customer service agents have told callers that only Canadians who have had dealings in the United States are likely to have had their information compromised in the data breach.

The company, which safeguards financial data for consumers applying for credit, said it learned of the breach on July 29 and "acted immediately" with the assistance of an independent cybersecurity firm to assess the impact. It is important to note that a consumer does not need to have used Equifax for their data to be exposed to these hackers. Since the company is holding off the details of its investigation, security experts believe that the attack possibly happened after the patch was made available since it was then widely distributed and publicized. Hackers made off with a hoard of critical data on almost half of the US population, including social security numbers, addresses and birth dates. "I think in 2017, that's unacceptable".

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