Scandal-Plagued Equifax Wins $7.25 Million Contract from IRS

Adjust Comment Print

Ben Sasse, R-Neb., asked former Equifax CEO Richard Smith at a Senate Banking, Housing and Urban Affairs Committee hearing. Heidi Heitkamp, D-N.D., said of the roughly $655,000 in losses that the three executives avoided by selling stock before Equifax disclosed the breach, sending its stock plunging.

It wouldn't be until August 15 that he first heard that data like Social Security numbers, credit card numbers, addresses, and driver's license numbers were in the trove of information siphoned off by the digital burglars. At least one state, Massachusetts, and the cities of San Francisco and Chicago have sued Equifax as well.

It was only on July 29 that a "decryptor" detected suspicious traffic.

Following the hearing, Warren told reporters that Equifax's new product allowing individuals to "lock" and "unlock" their credit reports does not provide sufficient protection and only a change in law can fully shield people's information.

Smith stepped down as CEO three weeks after the breach was announced to the public.

Despite the major breach, Equifax received a no-bid contract from the Internal Revenue Service (IRS) for fraud protection on October 4, that's worth about $7.25 million.

Pandya is the biggest asset from the series, says Kohli
And having been thumped by South Africa 5-0 past year , it looked like this series was headed the same direction before that win. David Warner and Aaron Finch have started to their open their shoulders after being watchful in the first two overs.

The total number of people affected by the recent Equifax breach has risen after more details came to light.

On its Twitter account, Equifax initially directed consumers to "", a fake site created by an outside software engineer. A series of costly delays and crucial errors caused the company to remain unprotected for months against one of the most severe Web application vulnerabilities in years, he said. Equifax should face "severe financial penalties", she said.

"I'm truly and deeply sorry for what happened", Smith said at the start of his testimony to a House Energy and Commerce subcommittee.

Smith said this particular sale opened after the second quarter earnings call and was in line with normal behavior. In short, the crooks managed to gain access to everything they need to steal your identity as a means of personal enrichment, all the while destroying your credit and your economic security. Fortunately for those living overseas, the security audit indicates that no databases outside of the United States have been affected. "At this time, we have seen no indications of tax fraud related to the Equifax breach, but we will continue to closely monitor the situation". They have made themselves indispensable to the smooth functioning of the USA economy by collecting reams of essential information about consumers - without their consent - and selling it to banks, auto dealers, mortgage lenders and other companies that deal with the public in some way.

"I look forward to being part of that dialog", he said early in the hearing, which followed Tuesday's appearance before House lawmakers.

As for Equifax's American customers, the turnout is considerably different.