Equifax Data Breach ‘Disaster’ Could Sink The Economy

Monday, September 25, 2017
By Paul Martin

Edmondo Burr
September 25, 2017

The recent hack of the credit monitoring company Equifax and the exposure of sensitive information of 143 million Americans will be “disastrous” for the credit industry, and therefore the economy.

Modern capitalism is based on credit and debt, more so than on capital, and is a work in progress.

As more people get spooked by credit fraud and have their credit frozen, to stop their Social Security numbers and other sensitive information get passed on to the hands of online fraudsters, their actions will reduce economic activity.

According to Republican candidate for Idaho’s First Congressional District, Michael Snyder,”If this data breach was an earthquake, we would be talking about a magnitude-10.0 on the identity theft scale.“

Equifax has a lot to answer for, says Snyder. Among other things, why did they hire a music major as the chief security officer and then tried covering it?

The Economic Collapse Blog reports:

What really disturbed me about this story is that this hack reportedly occurred between “mid-May and July of this year”…

Credit monitoring company Equifax has been hit by a high-tech heist that exposed the Social Security numbers and other sensitive information about 143 million Americans. Now the unwitting victims have to worry about the threat of having their identities stolen.

The Atlanta-based company, one of three major U.S. credit bureaus, said Thursday that “criminals” exploited a U.S. website application to access files between mid-May and July of this year.

So why didn’t we learn about this until September?

The Rest…HERE

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