In September 2017, credit reporting agency Equifax disclosed that the personal information of 143 million American consumers was exposed in a data breach. The hackers got information including names, addresses, birth dates, Social Security numbers, credit card numbers and driver’s license numbers. Consumers were advised to take steps to mitigate damage from the breach, including regularly checking their accounts, signing up for credit monitoring and even freezing their credit.
The effects of the Equifax breach will likely be felt for many years to come.
Several months have passed, and if your information was compromised but has not yet been used fraudulently, you may think that you are in the clear. The fact is, however, that there will never be a time when you can assume that you are “safe” from fraud. Although addresses and credit card numbers may change, much of the personally identifiable information (PII) the hackers obtained, such as birth dates and Social Security numbers, stays the same.
If you have a credit report, the hackers probably got your information. To find out for sure, go to https://www.equifaxsecurity2017.com/ and click on “Am I Impacted?” That site also suggests actions you can take if you are among the millions affected. Of course, even if your information was somehow not accessed in the Equifax breach, the Identity Theft Resource Center says that the number of U.S. data breach incidents tracked in 2017 hit a new record high of 1,579 breaches. It is likely that you were affected by one or more of them, so taking precautions to protect yourself would be wise.
The deadline for signing up for free credit monitoring from Equifax has passed. However, all consumers may sign up for Lock & Alert, a free service from Equifax that enables enrollees to lock and unlock their credit report, and be alerted each time it is unlocked.
Many financial experts and consumer agencies have recommended that affected consumers freeze their credit reports. There is often a charge for freezing or unfreezing each credit report. The fees vary by state, and may by waived for identity theft victims or for persons over the age of 62. Equifax is offering free freezes through June 30, 2018.
Although the number of income tax fraud attempts fell last year, this is the first tax season since the Equifax breach, and the stolen information may be used to file fraudulent returns. NextAdvisor suggests that consumers protect themselves from the possibility of tax identity theft by:
- Filing as early as possible. You want to file before an identity thief has a chance to file using your information.
- Protecting your data. Use a secure connection when filing online, and protect your incoming and outgoing mail from theft.
The effects of the Equifax breach will likely be felt for many years to come. State and federal legislators are taking action to protect their citizens from the effects of data breaches, such as proposing bills to eliminate fees to place and remove credit freezes. Ultimately, though, it is up to consumers to monitor and defend their personal information.
