![]() Your address, date of birth and other PII can be used to file bogus tax returns and claim tax refunds in your name. One increasingly common scam is tax identity theft. Stolen identity- PII can be used to validate the identity of someone opening a bank or credit account in another person’s name, or even apply for a loan or mortgage.Whether you are directly affected by this specific breach or not, here are some threats to watch out for: Certain information from the hack (SSN, birthdate, driver’s license) are classified as Personally Identifiable Information (PII), which is highly valuable to cybercriminals because it can be used in many different ways. Historically, we’ve seen this type of data traded in underground markets, where different criminals use them for different purposes. It’s not clear what the hackers have done or are planning to do with the data. That means that for more than three months, the data of 143 million people was left exposed and they were unable to take the necessary steps to protect themselves. The Equifax breach was reported in early September, but the company suggested the breach could have started as early as May 2017. Some companies offer credit protection services as part of their insurance coverage, which people may want to avail. Customers are entitled to a free credit report every twelve months from the three major consumer reporting companies (Equifax, Experian, and TransUnion). You can apply through the organizations’ websites: Initial fraud alerts last 90 days, while extended alerts last seven years. Set a fraud alert – A fraud alert is a free service that notifies you when an account is opened, and creditors should verify your identity before any new activity.You can freeze your credit with all three credit reporting agencies the service costs around $20, but should be worth it: This added layer of authentication makes it difficult for a criminal to open new accounts or generally perform fraudulent actions with your stolen information. This means that your credit reports are sealed, and you are given a unique PIN number that can be used to “thaw” your credit when legitimate applications need to be processed. These are all signs of credit card fraud. Monitor your credit reports carefully. Aside from unusual or unverified transactions, look for incorrect personal information and credit inquiries from companies you’ve never interacted with.Here are other steps we recommend you to take if you are affected: Initially, the company’s policy included a clause that customers who signed up for TrustedID could not participate in legal action against Equifax, but that statement has been removed from their site. Equifax has also offered a free year of TrustedID, which provides credit monitoring and identity theft protection. Those who want to check should make sure they're using a secure computer and a secured connection when doing this. In response to the breach, Equifax has set up a website with information about the event, allowing concerned individuals to check if they are affected by clicking on “Potential Impact” tab. ![]() The data can be used in identity theft scams, tax fraud, social security fraud and many other serious attacks. Although the number might not be as large as some of the previous mega-breaches, the type of data stolen exposes affected users to a number of risks. The company reportedly lost control of customer data that included the Social Security numbers, birth dates, and home addresses of 143 million people, as well as a number of driver’s license numbers, credit card numbers and dispute documents. Equifax, one of the major credit reporting companies that calculates credit scores for financial institutions and insurance companies, reported a massive security breach on September 7, 2017. ![]()
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