Equifax says cyber attack may have hit 2.5 million more US consumers

WASHINGTON, Oct 2 (Reuters) – Equifax Inc was alerted in March to the software security vulnerability that led to hackers obtaining personal information of more than 140 million Americans but took months to patch it, its former CEO said in testimony to be delivered to Congress on Tuesday.

“It appears that the breach occurred because of both human error and technology failures,” former CEO Richard Smith said in written testimony released on Monday by the Energy and Commerce Committee.

Separately, Equifax said late Monday that an outside review determined about 2.5 million additional U.S. consumers were potentially impacted, for a revised total of 145.5 million.

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Equifax data breach hit 2.5 million more Americans than first believed

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Richard Smith is out as Chairman and CEO of Equifax.
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Equinox offices in Atlanta(Photo: Mike Stewart, AP)

SAN FRANCISCO — Equifax said hackers may have stolen the personal information of 2.5 million more U.S. consumers than it initially estimated, bringing the total to 145.5 million.

The company said the additional customers  were not victims of a new attack but rather victims who the company had not counted before. Equifax hired the forensic security firm Mandiant to investigate the breach, and it finished its report on Sunday.

News of the new […] Read more

Fallout from Equifax breach will hit banks hardest

The ramifications of the Equifax breach are going to reverberate for some time. The full extent of the harm — while not known for several months if not longer — will definitely touch consumers, nonfinancial companies and other areas of the economy.

But make no mistake: Banks are going to pay the most of anyone.

While consumers are understandably worried about fraud and identity theft, it is financial institutions that will ultimately be on the hook for any loans they make to identity thieves.

While consumers are understandably worried about fraud and identity theft, it is financial institution that will pay the […] Read more

Trans Union Hit with Largest FCRA Verdict to Date | Robinson+Cole Data Privacy + Security Insider

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Credit Scores Hit Record High as Recession Wounds Heal

Credit scores for U.S. consumers reached a record high this spring while the share of Americans deemed to be some of the riskiest borrowers hit a record low — a potential boon for lending and economic activity.

Consumers’ improving fortunes reflect falling unemployment and continued, if lackluster, economic growth. An added benefit: The passage of time since the recession and housing meltdown are helping household balance sheets.

In ever-growing numbers, the worst personal financial setbacks, namely foreclosures and bankruptcies, are falling off Americans’ credit reports. More than six million U.S. adults will have personal bankruptcies disappear over the next five […] Read more