![]() While Equifax may be more secure than it was in 2017, it's not necessarily accepting the full consequences of its past actions. New Jersey Representative Frank Pallone said the figure "shows the limitations" of the FTC's ability to demand strong punishment and compensation. ![]() As Fast Company explained, the $575 million minimum amounts to just over $4 per victim - that wouldn't even begin to cover the damage if a fraudster exploited sensitive data like Social Security and credit card numbers. While that sounds significant, there are concerns that the payout will be trivial compared to the impact on the 143 million affected people. ![]() If cleared, it'll represent the largest data breach settlement in history, according to the New York Attorney General's office. It reorganized its security team with a dedicated Chief Security Officer, ensured encryption of personal info, implemented stricter security verification methods and started conducting regular monitoring and testing, among other changes.Ī court will need to approve the arrangement. The company has made multiple changes in a bid to improve its security practices. There will be "regular" third-party assessments to verify that its protections are strong enough to honor the terms of the settlement. The firm will also need "sufficient staff" to help customers who might be victims of identity theft. It will make it easier to both freeze and thaw credit as well as dispute inaccuracies in credit reports. The deals also have Equifax implementing measures to reduce the impact of potential theft. In order to receive a settlement payment, Class Members had to submit a valid claim form by Jan 22, 2020. Top Class Actions viewers report settlement payments of up to 22.82. About $300 million is guaranteed for the monitoring payout, with $125 million more waiting if that initial amount runs low.Įquifax already has a free lifetime credit lock service and said it had been providing free monitoring since September 2017. The settlement offered free credit monitoring or a cash payment in addition to up to 20,000 in expense reimbursement. ![]() It will pay between $575 million to $700 million to victims, states and regulators, including a restitution fund that will pay up to $425 million to provide credit monitoring for up to 10 years. The company has agreed to settle with the Federal Trade Commission, the Consumer Financial Protection Bureau, attorneys general and New York's Department of Financial Services over its massive 2017 data breach. The reports of an impending Equifax settlement were true. ![]()
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