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Yahoo Customer Data Security Breach Litigation Settlement

yahoodatabreachsettlement.com

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Re: Yahoo Customer Data Security Breach Litigation Settlement

#31

Post by ryandrake »

magashna wrote: post #16
ryanlol wrote: post #10

Earlier quoted context omitted.

>then the consumer can sue them For what? The consumer isn’t responsible anyway if the lender gets defrauded. Is the fraud in itself not enough of a punishment for the lender? I’d argue that the real problem here are the regulators who have shaped this broken system. Not the lack of punishments for existing within it. >Just having the SSN, name, address of the consumer, etc. shouldn't be enough to prove the lender en…

I had trouble getting an apartment because of credit fraud. Was I not a victim in the situation? I had to spend hours on the phone over months getting my credit report cleared. I guess I'm being entitled and poor ole Bank of America was the real victim here.

Customers shouldn’t have to be on the phone for days to solve a bank’s problem. Credit fraud (please don’t help banks by calling it identity theft) should be handled like American Express handles credit card fraud. I see a fraudulent charge on my bill, I call up AMEX one time and tell them this charge is fraud, and that’s it! They take it from there, restore the balance, do the investigation and charge back the vendor. They usually ask that you at least try to get in touch with the vendor first and that’s reasonable.

Maybe I’ve been lucky but every time I’ve had to do a chargeback it’s been this smooth.

Credit reporting should be the same. I should get a statement in the mail every month from these agencies showing all credit activity and inquiries, and have a simple and painless way to dispute fraudulent data.

I should also be able to opt out and not participate in the credit reporting system but that’s a topic for a different thread.

Re: Yahoo Customer Data Security Breach Litigation Settlement

#32

Post by willyg123 »

Hitton wrote: post #24

The settlement potentially includes up to 194 million people, so if even just small part of people asks for money, they'll get just dollars. Situation with Equifax repeats itself.

The only winners in class action lawsuits are the lawyers. It seems like class actions only exist to effectively serve as law enforcement ie the private-sector version of attorneys general.

Re: Yahoo Customer Data Security Breach Litigation Settlement

#33

Post by ceejayoz »

cameronbrown wrote: post #30
ceejayoz wrote: post #14

How long before an identity thief pays PR Newswire to run a story on data breach settlement and harvest all the PII requested on these sorts of settlement claim forms? yahoodatabreachsettlement.com just looks scammy as hell. It's a pity there's not a .gov domain set up for this sort of thing - when there's a settlement, a court order gets issued for yahoo.settlements.gov to get set up.

They always do these domains for settlements. It should probably be on .gov but there doesn't seem to have been many issues before.

> They always do these domains for settlements.

I know that. It makes me twitchy every time.

After the big Equifax breach, someone made a spoof site of their informational page, and Equifax themselves accidentally linked to it. (https://www.nytimes.com/2017/09/20/business/equifax-fake-web...)

> there doesn't seem to have been many issues before.

Again, sure. I'm surprised scammers haven't changed that yet.

Re: Yahoo Customer Data Security Breach Litigation Settlement

#34

Post by Karunamon »

willyg123 wrote: post #32
Hitton wrote: post #24

The settlement potentially includes up to 194 million people, so if even just small part of people asks for money, they'll get just dollars. Situation with Equifax repeats itself.

The only winners in class action lawsuits are the lawyers. It seems like class actions only exist to effectively serve as law enforcement ie the private-sector version of attorneys general.

That's because the point of class actions aren't to make the wronged people whole, it's to form a large enough legal stick to beat large, misbehaving entities about the head with.

Re: Yahoo Customer Data Security Breach Litigation Settlement

#35

Post by i_cant_speel »

Hitton wrote: post #24

The settlement potentially includes up to 194 million people, so if even just small part of people asks for money, they'll get just dollars. Situation with Equifax repeats itself.

Good thing we have the option to get free credit monitoring... that we just received from the last time our data was carelessly handled.

Re: Yahoo Customer Data Security Breach Litigation Settlement

#36

Post by [deleted] »

u801e wrote: post #9
ryanlol wrote: post #3

Credit monitoring is snake oil. These settlements are universally bullshit and mostly benefit snake oil vendors and not consumers. Also FWIW the damage figures are also nonsense, how much can the equifax leak hurt anyone if their data was already for sale on ssndob? Almost all Americans have had their information compromised in hacks they’ve never heard of. Am I wrong?

> Credit monitoring is snake oil. What we really need is to shift the burden of proof from the consumer to the lender. If the lender cannot establish beyond a reasonable doubt that they entered into a contact with the consumer, then the consumer can sue them. Just having the SSN, name, address of the consumer, etc. shouldn't be enough to prove the lender entered into a contact with the consumer.

[deleted]

Re: Yahoo Customer Data Security Breach Litigation Settlement

#37

Post by harryh »

u801e wrote: post #9
ryanlol wrote: post #3

Credit monitoring is snake oil. These settlements are universally bullshit and mostly benefit snake oil vendors and not consumers. Also FWIW the damage figures are also nonsense, how much can the equifax leak hurt anyone if their data was already for sale on ssndob? Almost all Americans have had their information compromised in hacks they’ve never heard of. Am I wrong?

> Credit monitoring is snake oil. What we really need is to shift the burden of proof from the consumer to the lender. If the lender cannot establish beyond a reasonable doubt that they entered into a contact with the consumer, then the consumer can sue them. Just having the SSN, name, address of the consumer, etc. shouldn't be enough to prove the lender entered into a contact with the consumer.

Just having the SSN, name, address of the consumer, etc. shouldn't be enough to prove the lender entered into a contact with the consumer.

What should be enough? What documentation should banks have to collect before opening, say, a credit card with a $1000 limit for a customer?

Re: Yahoo Customer Data Security Breach Litigation Settlement

#38

Post by u801e »

harryh wrote: post #37
u801e wrote: post #9

Earlier quoted context omitted.

> Credit monitoring is snake oil. What we really need is to shift the burden of proof from the consumer to the lender. If the lender cannot establish beyond a reasonable doubt that they entered into a contact with the consumer, then the consumer can sue them. Just having the SSN, name, address of the consumer, etc. shouldn't be enough to prove the lender entered into a contact with the consumer.

Just having the SSN, name, address of the consumer, etc. shouldn't be enough to prove the lender entered into a contact with the consumer. What should be enough? What documentation should banks have to collect before opening, say, a credit card with a $1000 limit for a customer?

They should require several forms of photograph identification such as a drivers license and/or passport. That would make it more difficult to open a line of credit or get a loan, but it would definitely cut down on fraud.

Re: Yahoo Customer Data Security Breach Litigation Settlement

#39

Post by harryh »

u801e wrote: post #38
harryh wrote: post #37

Earlier quoted context omitted.

Just having the SSN, name, address of the consumer, etc. shouldn't be enough to prove the lender entered into a contact with the consumer. What should be enough? What documentation should banks have to collect before opening, say, a credit card with a $1000 limit for a customer?

They should require several forms of photograph identification such as a drivers license and/or passport. That would make it more difficult to open a line of credit or get a loan, but it would definitely cut down on fraud.

So people without passports (roughly 2/3rds of Americans) shouldn't be able to get loans?

Re: Yahoo Customer Data Security Breach Litigation Settlement

#40

Post by cobookman »

i_cant_speel wrote: post #35
Hitton wrote: post #24

The settlement potentially includes up to 194 million people, so if even just small part of people asks for money, they'll get just dollars. Situation with Equifax repeats itself.

Good thing we have the option to get free credit monitoring... that we just received from the last time our data was carelessly handled.

Maybe now would be a good time to create a credit monitoring startup.
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