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Credit Theft

by Brent Kirkpatrick

(Date Published: .)

Credit theft impacts everyone: consumers and the finance industry.

Equifax lost 30% of its stock price during the first week that its massive data breach was announced. The hacking took place starting more than a month ago. The data breach resulted in massive theft of credit information and account numbers.

How are financial institutions to protect themselves? Credit card companies and banks need to be aware of fraud. In addition to specialized tools for monitoring accounts, they can encourage customers to balance their accounts and double check.

cartoon: bank computers, coins, and worm

How are customers to protect themselves? Keep an eye on your account balances and your credit history. Compare you history between Equifax and one of the other companies (TransUnion or Experian). Make use of the once yearly free credit reports. Always remember to monitor your account activity. You could consider using one of the credit history monitoring tools.

How is the industry to protect itself? Prevention. By upgrading its security measures, the industry can flourish and avoid hackers. The industry should get regular audits from the best security consultants. Furthermore, it is necessary to learn from Equifax's mistakes.

Please consult with Intrepid Net Computing for the latest information on security.

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