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Equifax faces lawsuits after hack, stock tumbles

Friday, September 08, 2017 - 01:17

Equifax, a major consumer credit score provider, is facing lawsuits and criticism after it disclosed a massive data breach that could impact millions. Jane Lanhee Lee reports.

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Investors, lawyers and consumers all taking aim at Equifax Friday, after the credit score provider disclosed a massive data breach that could leave millions at risk. Equifax saying hackers had access to the company's system from mid-May to July, potentially leaving 143 million U.S. consumers vulnerable with sensitive data like their social security numbers, license numbers, birth dates, and credit card numbers potentially exposed. News of the hack sent its stock tumbling, dropping around 13 percent on Friday. Already two proposed class-action lawsuits were filed - one in Portland and another in Atlanta, alleging Equifax had been negligent in protecting consumer data. New York, Illinois and Connecticut attorneys general said Friday they were opening separate state investigations. On Friday Congress also getting involved: the U.S. House Financial Services Committee saying it will hold a hearing on the hacks. Equifax says it discovered the data breach on July 29th and hired a cybersecurity firm to investigate and adds there was no evidence of a breach into its core consumer or commercial credit reporting databases. The company created a website www.equifaxsecurity2017.com to help consumers determine if their data is at risk. Though some cyber security experts criticized Equifax for setting up the support website, under a different domain than the company's main website -- a practice that mirrored a tactic that can be used to fraudulently collect data.

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Equifax faces lawsuits after hack, stock tumbles

Friday, September 08, 2017 - 01:17