Banks should not point blame at the credit bureau but rather should step up and demonstrate their commitment to their customers. If you punt the problem to Equifax, it suggests you don’t really care.
Online lender’s co-founder says “negative press” from lawsuits has become a “distraction”; company sought lighter regulation and limited legal liability for credit bureaus.
In order to compensate victims of the breach, Equifax is offering free credit monitoring services that include a mandatory arbitration clause, a measure Democrats were highlighting to lobby support for the CFPB's rule banning such clauses.
One lawsuit has already been filed against Equifax in the wake of its massive security failure. But that’s the just beginning of the consequences for the credit bureau and the banks that use it.
Intruders accessed names, Social Security numbers, birth dates, addresses and driver’s license numbers in what could be one of the largest data intrusions.
UniCredit, Italy's No. 1 bank, said hackers took biographical and loan data from 400,000 client accounts in one of the biggest breaches of European banking security this year.
The bank is drawing renewed scrutiny after a lawyer’s unauthorized release of sensitive client details for tens of thousands of accounts belonging to wealthy customers of its brokerage unit.
Federal law established oversight of banks’ security measures, but the lack of similar requirements for retailers creates a blind spot in defending against hacks.
