The giant in credit market known as Equifax got hacked on Thursday after its 143 million accounts were ingeniously hacked and struck by a major identity theft. This resulted in a whopping 14 percent share drop on Friday followed by a further eight percent drop on Monday. This has costed the company billions of dollars.
What is worst about this hack is that it hasn’t only affected the company but also has had a huge impact on millions of Americans. Security experts have analysed and they say that if the information hacked is misused then it could plunge the country into severe issues.
It could give the hackers the ability to make false bank accounts on names of hacked/breached accounts. Moreover, credit cards, driving licenses can be made by breached info and the hackers could even impose heavy speeding tickets and much more!
Such major identity theft is disastrous and recovery could take up to several years. What is shocking is that in personal identity theft case, you are responsible to recover your own information.
According to official statistics, 209,000 credit card numbers and 182,000 documents were breached in this major identity theft. Velasquez, CEO of the Identity Theft Resource Center quoted that: “More sinister cybercriminals could use that data to pin crimes on you. Data breaches involving Social Security numbers are not rare, but this is the largest ever recorded. This is a unique situation because of the quality of data that was stolen along with the scale of the breach.”
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