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09-08-2017, 09:42 AM #1
Equifax Security Breach - Execs Sell Stock...
Equifax's security breach exposed 143 million records including passwords, SSN, other that could lead to massive identity theft. Probably most of us are potentially affected. The breach was discovered in late July but not disclosed until yesterday. So what do three of their top execs do? Why, sell big chunks of their stock on Aug 1, of course! Knowing their stock was going to tank once the breach was made public, better sell while the getting's good, right? I hope these guys get some prison time for this. Insider trading at its blatant best.
http://money.cnn.com/2017/09/08/inve...ach/index.html
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09-08-2017, 10:19 AM #2
Trump will pardon them
Sent from my XT1650 using TGR Forums mobile appDaniel Ortega eats here.
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09-08-2017, 10:54 AM #3
If they decided to sell after they were informed of the discovery, that's pretty stupid. It could be that the sales were planned beforehand, and previously disclosed.
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Questo abrigado tantamucho que canite carousel.
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09-08-2017, 10:56 AM #4
^ was going to add the same thing- could have been pre-set dates which is common
looks super bad on the headline though
those guys are gonna get hammered one way or the otherskid luxury
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09-08-2017, 11:12 AM #5
That's not indicated in the article. The only statement was that they didn't know of the problem at the time they sold. Well, maybe. Their internal security may have kept a lid on it until they involved FBI and not spread the word but the company will have to prove that in order to exonerate these guys. Too coincidental to be overlooked.
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09-08-2017, 11:17 AM #6
Deciding to sell beforehand and having an organization that doesn't tell any of them about the breach until the sales are complete is still quite possibly criminal, is it not? Choosing to delay disclosure when it benefits them personally might be even worse than just insider trading.
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09-08-2017, 11:30 AM #7Registered User
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Not previously scheduled according to Bloomberg: https://www.bloomberg.com/news/artic...ing-cyber-hack
None of the three have a record of regular sales (e.g. selling 1st of every month). And WTF is the CFO of a public company doing trading without a 10b5-1? These guys all deserve to be hung out to dry. As does the rest of Equifax for leaking SSNs and then bungling the response.
Just put in a temporary fraud alert on my credit and I'll probably just freeze it permanently. The 1 year "free credit watch" Equifax is offering is a joke - now that the SSNs are out there, there's no restriction on when someone might use them.
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09-08-2017, 11:35 AM #8
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09-08-2017, 11:46 AM #9
If you search your name with the tool they provide on their site, and it determines your data was not supposedly stolen, they give you the option to purchase fraud protection. Thanks nah.
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09-08-2017, 11:53 AM #10Registered User
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09-08-2017, 12:05 PM #11Bloomberg:
None of the filings lists the transactions as being part of 10b5-1 scheduled trading plans.
Bloomberg:
The three “sold a small percentage of their Equifax shares,” Ines Gutzmer, a spokeswoman for the Atlanta-based company, said in an emailed statement. They “had no knowledge that an intrusion had occurred at the time.”
WaPo:
Equifax also acts as a data broker, slicing and dicing millions of consumers into blunt and sometimes unflattering categories such as “X-tra Needy,” “Fragile Families” and “Ethnic Second-City Strugglers.”
Fuckers
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09-08-2017, 12:21 PM #12
Any of the legal dentists care to chime in on the arbitration clause contained in the terms of service for using their online check?
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09-08-2017, 12:30 PM #13
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09-08-2017, 12:30 PM #14
Neato!
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09-08-2017, 12:39 PM #15
^^^ does anyone not get that screen?
i.e. they're really just fishing for everyone to sign up for their "protection" - and more importantly - the arbitration clause.
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09-08-2017, 12:46 PM #16
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09-08-2017, 12:55 PM #17
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09-08-2017, 12:58 PM #18
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09-08-2017, 01:03 PM #19
I signed up 2 years ago for alerts on any activity but this doesn't protect against stolen SSN/ SIN (Cdn) numbers. Credit card info concerns me less.
This is all we needed.
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09-08-2017, 04:54 PM #20I drink it up
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If you're worried, freeze your credit and pay close attention to your account statements. Their response in re: TrustedID is bullshit, and most likely illegal. You HAVE to disclose and provide for monitoring, and you DON'T get to put strings on it.
focus.
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09-08-2017, 05:00 PM #21
The arbitration clause only applies to the TrustedId product, not the security breach. They have updated their site saying as much. Also they're offering the TrustedId thing free. Agree it is a pointless gesture, but you are NOT opting-out of class action lawsuits as a result.
https://twitter.com/AGSchneiderman/s...95350532304896
Also see:
https://www.reddit.com/r/personalfin...ifax_security/
https://www.reddit.com/r/personalfin...urity/dmqdld2/
Please file a CFPB complaint, it only takes ~5 mins: https://www.consumerfinance.gov/complaint/
- The complaint is about Credit reporting, credit repair services, or other personal consumer reports with credit report as a specific product.
- This is about Improper use of your report, and because they shouldn't divulge your information without consent: Reporting company used your report improperly.
- Describe your situation accurately and objectively. As for the resolution, enter in whatever you believe to be fair. (Please don't be ridiculous, it reflects poorly on you. Keep in mind that Equifax is also a victim in this hack.)
Btw this leak was from their fucking WEB APP apparently, lol. Sucks to be on that team. Inexcusable security practices even by 10-years-ago standards. They should be bankrupt.
Edit: as was suggested a few times in this HN thread ( https://news.ycombinator.com/item?id=15200955 ) a more effective mechanism for punishing equifax is if a few tens of thousands of or a million folks sued in small claims court for $1000. Equifax only employs ~10k total staff.
And call your damn senate/congressional reps.
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09-08-2017, 05:40 PM #22
Yeah, that's what I was wondering.
Agreed. But I couldn't care less about the money. I'd like to see them out of business.
These guys ruin people's lives with their normal racket of credit rating and selling information, thus ensuring the poor remain so by paying more for everything. And now they've most likely ruined some of those people's lives even more with their incompetence. Fuck them.
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09-08-2017, 05:41 PM #23
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09-08-2017, 08:27 PM #24Registered User
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Not my idea, but it now pretty clear that Congress needs to step in and require that all credit companies freeze everyone's credit for free.
Is it actually possible to take them to small claims and get a payout covering 10 years of credit monitoring?
That the commodification of our personal data is allowed boggles my mind.
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09-08-2017, 08:37 PM #25
2nd that
It's all a scam to justify lenders to charge higher rates or ask for a pound of flesh.
To think people could have been aware for months no but the 3 greedy pigs decide to go fuck over the public.
I wonder how many lives have and will be ruined because of greed and stupidity. History keeps repeating itself because asswipes like this never pay the price for their crimes. End of rand.
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