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Equifax Faces Multibillion-Dollar Lawsuit Over Hack

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Re: Equifax Faces Multibillion-Dollar Lawsuit Over Hack

#551

Is it time for a Federal Department of Verifying Whether People Are Who They Say They Are? Veryifying identity with SSN is broken. The right way is probably more or less how big webapps do it - MFA + a password that the user can reset by providing a bunch of info. The government has the necessary private info to do this in most cases (e.g. DL# plus your income from last year's taxes), and can fall back to "Show up at…

  Is it time for a Federal Department of Verifying
  Whether People Are Who They Say They Are?
After the colossal theft of employee information from the Office of Personnel Management, I have no faith that the feds would be able to keep the information secure.

Re: Equifax Faces Multibillion-Dollar Lawsuit Over Hack

#552

Earlier quoted context omitted.

Well, I wouldn't shed any tears over the dissolution of Equifax and other credit agencies - though a lawsuit would of course involve the judicial branch (the courts). But the problem is: A. If Equifax gets a judgment for close to or for more than the company is worth, the simplest way one could assure the suit is paid to sell the company, keeping the operation going rather than ending it. B. Many businesses integrate…

If there were a $17 billion judgement against a $17 billion company, it would not sell for $17 billion. It is also unlikely a $17 billion market cap = $17 billion in assets during an emergency sale. Especially with the shadow of a $17 billion judgement that could encumber the acquired assets. It's bad business to acquire assets from someone with a judgement against them, unless you're getting a great deal.

If there were a $17 billion judgement against a $17 billion company, it would not sell for $17 billion.

If there is a judgment against a company which that company cannot pay, that company enters bankruptcy.

What happens when a corporation enter bankruptcy is the assets of the corporation are assigned to a receiver. The receiver then disposes of those assets with the aim of raising as much money as possible to pay the creditors involved. In the case of a credit bureau, keeping the bureau functioning would arguably be the best way to earn money to pay the individuals who the corporation owes money to - both the people who the got the judgment (first priority), other creditors(second priority) and then the share-holder (third priority).

This situation means that corporation that produces toxic waste, dumps it in a river and goes bankrupt from a private suit against it could continue to produce toxic in order keep producing and making money, in order to pay that judgment (it would probably be argued that the toxic-waste leak was a one-time thing).

Part of the problem is a private lawsuit isn't a substitute for state regulation even if it's often presented as such. Part of the problem is the very worst that happen to the owners, the shareholder, is their shares become worthless so their incentive for stopping truly bad behavior by organizations is limited.

You might say this is fucked-up and I would agree with you. Don't confuse my comments with statements of support for how things. I simply want to thorough, accurate and complete summary of just what a messy we're in.

Re: Equifax Faces Multibillion-Dollar Lawsuit Over Hack

#553
post #547

So everybody has been talking about "freezing" your Equifax account for a little bit of protection... Well it turns out the Equifax security freeze PIN (which is all the "secret" info an attacker needs to unfreeze it) is just the date & time: MMDDYYHHMM! https://mobile.twitter.com/webster/status/906346071210778625

If this is true (and it looks like it is), this is absolutely insane. For me this puts Equifax into beyond negligent territory.

Re: Equifax Faces Multibillion-Dollar Lawsuit Over Hack

#554
post #340

Ok, so credit reporting agency collects sensitive personal and financial data on basically every adult American, loses it to a bunch of criminals and now I have to deal with the consequences? I looked into credit freezes yesterday. This is really a total scam. You have to _call_ each of the three agencies and pay a fee ($5 to $10) each time. If you need to unfreeze your report to make a legitimate credit application…

>Ok, so credit reporting agency collects sensitive personal and financial data on basically every adult American, loses it to a bunch of criminals and now I have to deal with the consequences? This is what pisses me off - I never gave them authorization to collect information on me. I have no business relationship with these companies. To me they look a lot like parasites even when they're not giving away my data.

EU privacy and right-to-access laws aren't looking so bad now are they

Re: Equifax Faces Multibillion-Dollar Lawsuit Over Hack

#555
post #378

Earlier quoted context omitted.

What you explained is what global entry, tsa precheck, and nexus programs are.

...except that TSA Precheck doesn't host an OAuth server that my bank can use in lieu of their dumbshit "street you grew up on" nonsense. But yes, I agree, it's a good point that the government already does this (ditto for lost birth certificates, etc) and this would just be tying the federal identity that they work so hard to verify to a digital one.

> ...except that TSA Precheck doesn't host an OAuth server that my bank can use in lieu of their dumbshit "street you grew up on" nonsense.

Precheck/Global Entry give you a known flyer/traveler number, which combined with your personal information, authenticates your identity between your travel provider and the government.

Re: Equifax Faces Multibillion-Dollar Lawsuit Over Hack

#556
post #442

Earlier quoted context omitted.

Oof. I really don't want to give these incompetent losers my credit card number.

They already have your credit card numbers. Banks report the numbers to them.

I'm amazed these events don't seem to shake the american love for credit cards. Like now you've seen what happens in the extra layers between you and the money, I wish people would go back on the poison pill and maybe switch to debit cards.

Re: Equifax Faces Multibillion-Dollar Lawsuit Over Hack

#557
post #340

Ok, so credit reporting agency collects sensitive personal and financial data on basically every adult American, loses it to a bunch of criminals and now I have to deal with the consequences? I looked into credit freezes yesterday. This is really a total scam. You have to _call_ each of the three agencies and pay a fee ($5 to $10) each time. If you need to unfreeze your report to make a legitimate credit application…

This is how I feel. https://equifaxbreach2017.com

FYI. That is a satire / parody site and not the real one.

Re: Equifax Faces Multibillion-Dollar Lawsuit Over Hack

#558
post #447
post #441

Earlier quoted context omitted.

Yes because regulation is working out really well That is why I have plenty of competition for Internet Access and Net Neutrality is vigorously enforced That is why the FTC routinely issues fines for False Advertisers for all the false claims that are made daily in ads That is why there are plenty of bankers in jail for crashing the economy in 2007, Government regulation is grand

So vote for people who actually want to competently regulate, and work to encourage others to do the same. Paraphrasing, we are currently getting the regulation we deserve - good and hard.

If you believe democracy is for people. Then you are mistaken. Democracy simply means more than one entity fighting for power. Usually both of them have their own agendas and only give a shit when it’s time to vote. And we all know lying, backstabbing and spreading propaganda on Facebook and media channels is a much better way to win voters than doing what’s good for them.

The system was always a plutocracy and will always be.

Re: Equifax Faces Multibillion-Dollar Lawsuit Over Hack

#559
post #168

Earlier quoted context omitted.

USPS is a good contender for identity validation, too.

This is actually how it's done in New Zealand. We have something called realme https://www.realme.govt.nz/ , which is made by New Zealand Post (our government post service, with the benefit of offices all over the country to do the initial ID verification for account setup) and the Department of Internal Affairs (they do things like births, deaths, marriages, passports, and citizenship, so they're used to dealing wit…

I'm a kiwi citizen too, and for some reason I thought you had to renounce your NZ citizenship to receive a US one; kind of neat to hear the opposite!
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