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Equifax – Protecting themselves while exposing your data and Identity! September 11, 2017

Posted by Chris Mark in Uncategorized.
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BoldStrategyAs an update to my last Equifax post a number of stories had circulated regarding Equifax’s Terms of Use in which they attempt to prevent lawsuits related to their own incompetence that resulted in the exposure of nearly 150 million consumer records.  As stated on their Terms of Use:Terms of Use:

“YOU MUST ACCEPT THIS AGREEMENT, INCLUDING ITS “ARBITRATION” SECTION BELOW, BEFORE YOU WILL BE PERMITTED TO REGISTER FOR, USE OR PURCHASE ANY PRODUCT. BY REGISTERING ON THIS WEBSITE AND SUBMITTING YOUR ORDER, YOU ARE ACKNOWLEDGING ELECTRONIC RECEIPT OF, AND YOUR AGREEMENT TO BE BOUND BY, THIS AGREEMENT. YOU ALSO AGREE TO BE BOUND BY THIS AGREEMENT BY USING OR PAYING FOR OUR PRODUCTS OR TAKING OTHER ACTIONS THAT INDICATE ACCEPTANCE OF THIS AGREEMENT.”

So here is what the noble and caring Equifax has done to the public.  First, they had a data breach in 2015.  Then their CEO offers the obligatory public apology where he emphasizes the ‘importance of protecting data. etc. etc.  Then Equifax magnanimously offers consumers free credit monitoring…in the Equifax TrustedID Premier service.  It should be noted that IF you do enroll in the Equifax TrustedID Premier you are agreeing to the Terms of Use listed above…in short, should your information be exposed and used to say…steal your identity you cannot sue them nor can you engage in a class action lawsuit.  You are (according to the Terms of Use) bound by Equifax’ arbitration clause.  For those who are fans of the Oscar Winning film Dodgeball, I quote: “That’s a bold strategy Cotton. Let’s see if it pays off!”

To add fuel to the proverbial fire.  Equifax did not disclose the data breach for a full month while 3 executives sold millions of dollars of company stock within days of identifying the breach!  Now..to be fair, Equifax stated (ahem, cough, cough) “…the executives “had no knowledge that an intrusion had occurred at the time they sold their shares.”” Chief Financial Officer John Gamble, U.S. Information Solutions President Joseph Loughran and Workforce Solutions President Rodolfo Ploder — completed stock sales on Aug. 1 and 2.  So let me get this straight…the Information Solutions President and CFO did not know there was a breach?  To quote the incomparable George Straight: “I’ve got some oceanfront property in Arizona.  From the front porch you can see the sea.  If you’ll buy that I’ll throw the Golden Gate in free!”

 

 

 

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