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  1. #1
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    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

  2. #2
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    Quote Originally Posted by GoldMember View Post
    I hope these guys get some prison time for this. Insider trading at its blatant best.
    Trump will pardon them

    Sent from my XT1650 using TGR Forums mobile app
    Daniel Ortega eats here.

  3. #3
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    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.
    Quando paramucho mi amore de felice carathon.
    Mundo paparazzi mi amore cicce verdi parasol.
    Questo abrigado tantamucho que canite carousel.


  4. #4
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    ^ 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 other
    skid luxury

  5. #5
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    Quote Originally Posted by irul&ublo View Post
    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.
    Quote Originally Posted by b-bear View Post
    ^ 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 other
    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.

  6. #6
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    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.

  7. #7
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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.

  8. #8
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    Quote Originally Posted by GoldMember View Post
    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.
    yea shoot had not read article- just assumed that they wouldn't make such an insane choice knowingly
    skid luxury

  9. #9
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    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.

  10. #10
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    Quote Originally Posted by teledad View Post
    And WTF is the CFO of a public company doing trading without a 10b5-1?
    Q2 results released July 26th which means they were within the insider trading window. Still doesn't protect them if they had knowledge of the breach though. I imagine the SEC is already starting the process of grabbing email and SMS records.

  11. #11
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    Bloomberg:
    None of the filings lists the transactions as being part of 10b5-1 scheduled trading plans.
    yet...

    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.”
    and

    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.”
    See? They're totally good guys! Not insider traders.

    Fuckers

  12. #12
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    Any of the legal dentists care to chime in on the arbitration clause contained in the terms of service for using their online check?

  13. #13
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    ^^^
    (edited to add) Beat me to it...

    Quote Originally Posted by Rideski View Post
    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.
    That, and you have to wave the ability to join in on any future, resulting class action or other litigation against them in order to receive said fraud protection.

  14. #14
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    Name:  Untitled-12.jpg
Views: 724
Size:  92.3 KB
    Neato!

  15. #15
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    ^^^ 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.

  16. #16
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    Quote Originally Posted by pisteoff View Post
    ^^^ 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.
    xactly...

  17. #17
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    Quote Originally Posted by pisteoff View Post
    ^^^ 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.
    Yup. Don't fall for it and sign away your rights for $200 worth of credit monitoring.
    I've concluded that DJSapp was never DJSapp, and Not DJSapp is also not DJSapp, so that means he's telling the truth now and he was lying before.

  18. #18
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    Quote Originally Posted by pisteoff View Post
    ^^^ does anyone not get that screen?
    Given the scale of the breach, odds are you're in the club.

    Quote Originally Posted by pisteoff View Post
    i.e. they're really just fishing for everyone to sign up for their "protection" - and more importantly - the arbitration clause.
    Maybe. Seems like they wouldn't have the 2-stage enrollment process if that was the case. I'll bet a majority of people never go back to enroll.

  19. #19
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    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.

  20. #20
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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.

  21. #21
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    Quote Originally Posted by pisteoff View Post
    ^^^ 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.
    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.)
    The whole concept of a credit score in the US is absurdly implemented (FICO algorithm is PROPRIETARY ffs) and obviously has WAY too little regulatory oversight and I sincerely hope heads roll / jail time is served, but I highly doubt it. The class action number named (70B) over 143M is $489/person before legal fees. Equifax is worth 17B once they sell everything down to office chairs and pens. Expect at best a $2 check in a few years.

    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.

  22. #22
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    Quote Originally Posted by mbillie1 View Post
    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.
    Yeah, that's what I was wondering.

    Quote Originally Posted by mbillie1 View Post
    The whole concept of a credit score in the US is absurdly implemented (FICO algorithm is PROPRIETARY ffs) and obviously has WAY too little regulatory oversight and I sincerely hope heads roll / jail time is served, but I highly doubt it. The class action number named (70B) over 143M is $489/person before legal fees. Equifax is worth 17B once they sell everything down to office chairs and pens. Expect at best a $2 check in a few years.
    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.

  23. #23
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    Quote Originally Posted by pisteoff View Post
    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 business of rating and selling their info, 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.
    100%

  24. #24
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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.

  25. #25
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    Quote Originally Posted by pisteoff View Post
    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.
    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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