Equifax Data Breach Hits 143 Million Americans

By Susan Shields

These days, there aren’t many big financial decisions that you can make without a credit report. You’ll need one to buy a home, lease a car, and maybe even land a job. But if you had your credit report put together by Equifax, you may be one of 143 million Americans with personally identifiable information now up for sale on the black market following a data breach at the agency.

According to Equifax, the breach began in mid-May and lasted through July. Among the information obtained by hackers includes peoples’ names, social security numbers, birth dates, addresses and even driver’s license numbers. Additionally, over 200,000 individuals had their credit card numbers stolen.

If you’ve been affected and fail to act, an individual who obtains your records can devastate your life. You may be on the hook for faulty loans, parking tickets, and any other poor choice made by a criminal in your name.

Recently, the FTC put together a set of recommendations to see if you’ve been impacted and, if so, what you can do about it. Read on to check out the steps you need to take to ensure the security of your credit. But be sure not to begin until you’re on a secure Internet connection.

  • First, see if you were affected. You can find out by clicking here.
  • Check your credit reports from Equifax, Experian and TransUnion for irregularities.
  • Put a credit freeze on your files—you’ll have to unfreeze them to do another credit report, but it will also be harder for someone else to make a new account in your name.
  • Monitor your existing credit card and bank accounts for charges you don’t recognize.
  • If you decide against freezing your credit, place a fraud alert on your files to warn creditors to verify the identity of anyone who attempts to use your information to secure a line of credit.
  • File your taxes as soon as you get the necessary information so that scammers don’t beat you to the punch and steal your refund.

There’s no arguing that the financial technology at our disposal today can make banking more convenient and cost effective. But we must always remember that emerging technology must be respected and handled with the utmost care. As long as you maintain a strong cybersecurity strategy, you’ll be able to stay ahead of the would-be scammers that seek to take advantage of the unsuspecting today.

To learn more about how you protect your finances, check out our Online Learning Center. You can also stop by any office of The Milford Bank in Milford or Stratford for more support.

0 replies

Leave a Reply

Want to join the discussion?
Feel free to contribute!

Leave a Reply

Your email address will not be published. Required fields are marked *