111–120 of 670 posts
This whole industry needs to be turned upside down.
Earlier quoted context omitted.
This class action will likely be settled in the same way the Ticketmaster case was settled ... with a coupon book good for 2 free credit reports.
Probably for good reason. $500 per class member is an insanely high damages estimate. 99.9% of people will suffer zero damages because their identities will not be stolen. Even the ones who do have their identities stolen will likely be made whole by the credit card companies. The real damages here are going to be to the banks and credit card companies that will have to absorb the costs of all the fraud. As to the Ti…
Are credit card companies now in the habit of reimbursing consumers for the considerable time and headache required to sort out fraudulent charges caused by insecure data storage practices in the credit reporting agencies that the credit card companies contract with?
There are numerous reports of identity fraud causing a significant amount of trouble for the consumers involved, and as far as I know, not a one of them has ever received a letter beginning, "We're sorry for the time and trouble you went through to clear this up", with an attached check.
Earlier quoted context omitted.
> I said it elsewhere, but I think the right response is to opt out of the class, and sue for $1000 in small claims court. If ~15% of the class does this, they are out of business, and lawyers don't get a dime of the $1000. IANAL, but can't you only sue for actual damages not hypothetical damages? According to this [1] your identity with SSN is only worth $30 on the black market. To get $1000 out of them you'd probab…
Punitive damages.
Earlier quoted context omitted.
This class action will likely be settled in the same way the Ticketmaster case was settled ... with a coupon book good for 2 free credit reports.
Probably for good reason. $500 per class member is an insanely high damages estimate. 99.9% of people will suffer zero damages because their identities will not be stolen. Even the ones who do have their identities stolen will likely be made whole by the credit card companies. The real damages here are going to be to the banks and credit card companies that will have to absorb the costs of all the fraud. As to the Ti…
The extent of the potential damages here isn't limited to credit card fraud. Having your SSN leaked along with your name, date of birth, every recent address you've had, etc. opens you up to a lot of other attack vectors.
Furthermore, credit reports can often inadvertently contain information that relates to one's medical history - you can request that this information be obscured or sealed in your report if you find it, but that means that certain medical information is also within the scope of the potential leak.
Maybe it's time to issue everyone private keys where the public key is your "SSN" and it is signed by N people you know to verify identity
Consider the possibility that the hackers were agents of a sovereign power, such as one who has been hurt by economic sanctions and has a history of cyber warfare. This state could decide to respond to US economic aggression by using the compromised information of hundreds of millions of Americans to engage in fraudulent activity. This event is leading me to about how social security numbers can no longer serve the r…
Biometrics would be a terrible idea. Mass surveillance, anyone?
Earlier quoted context omitted.
This class action will likely be settled in the same way the Ticketmaster case was settled ... with a coupon book good for 2 free credit reports.
Probably for good reason. $500 per class member is an insanely high damages estimate. 99.9% of people will suffer zero damages because their identities will not be stolen. Even the ones who do have their identities stolen will likely be made whole by the credit card companies. The real damages here are going to be to the banks and credit card companies that will have to absorb the costs of all the fraud. As to the Ti…
I've been caught up in the DOD breech, this Equifax incident and a couple smaller ones. I'm not interested in pinching pennies here; I want good results.