Equifax data breach: How consumers reacted a year later

On September 7, 2017, the Equifax Credit Reporting Agency threw a bomb, revealing that 143 million Americans had seen their personal information compromised when an unauthorized third party had access to it. One of its databases.

The company then revealed that the number of victims actually exceeded 147 million. Although it is not the biggest piracy in history, it is considered one of the most damaging because it affects personal information, including birth dates and social security numbers.

According to a new study by CompareCards.com, 40% of Americans reported having fraudulent activity on their bank accounts during the past year and nearly a quarter of respondents said they had been informed of their personal information. "

While some industry experts criticize Congress for not doing enough so that Americans will never find themselves in a similar situation – with the exception of legislation allowing free and unlimited credit freezes – Consumers seem to have integrated own hands.

The study also notes that 91% of Americans with a credit or debit card reported taking at least one step to detect, prevent or protect themselves from identity theft in the past year. The average respondent to the survey took three steps to secure his personal data during the same period.

Sixty-five percent of those surveyed said they started looking at their bank statements more often, which was the most common action. In addition, just over half of those surveyed viewed their credit rating, while 50% set up alerts to be notified when charges appear on their credit cards. Thirty-seven percent said they had examined their credit report.

Overall, over 80% of individuals reported being more alert to looking for signs of identity theft than last year. The study states that parents of young children and those whose household income exceeds $ 100,000 were the most likely to be diligent.

Unbeknownst to consumers at the time, the Equifax hacking took place from mid-May to July of last year. After unveiling the violation a few months later, former CEO Richard Smith resigned in September and was later summoned to Capitol Hill to provide explanations.

Adding confusion to the violation, several high-level insiders, including the company's chief information officer, sold shares following the discovery of piracy, but before they became public.

Until now, a former leader has been accused of insider trading with a former director.

Equifax shares, which initially plunged after the announcement of the breach, have declined by almost 5% over the past 12 months.