The Equifax Hack

By North American Management

On September 7, 2017, Equifax, one of the three credit reporting agencies used by companies around the U.S. to check credit worthiness of customers, announced they were the victim of a cyberattack. According to news reports, the hackers gained access to confidential data of approximately 143 million U.S. consumers.

Assume You Were Affected

What does this mean for you? It means others now have access to your name, Social Security number, birthdate and address. Possible consequences of this breach could range from theft of your identity to a decrease in your credit rating due to increased inquiries and fraudulent borrowing.

What You Should Do Now

See if Your Data was Compromised. Equifax has established a website (www.equifaxsecurity2017.com) where you can see if you have potentially been impacted. If you have, Equifax is providing complimentary monitoring services and ID theft protection through TrustedID Premier. This site also has a robust FAQ section explaining in more detail what happened, when it happened, and what else you can do to protect your data.
Check Your Other Credit Reports. Hackers begin using fraudulent data immediately, so request your report from the other two credit agencies, Experian and TransUnion.
Check Your Bank & Credit Card Statements. You should do this on a monthly basis.
Sign Up for Credit Monitoring. If you are reluctant to use the complimentary Equifax service being offered, pay for a year of credit monitoring through another vendor such as LifeLock or ID Shield.
Consider a Freeze on Your Credit Report. By putting a freeze on your report at each of the agencies, banks and credit card companies looking to verify your credit in anticipation of opening an account or issuing a loan cannot get your credit report. Therefore, hackers will effectively be rebuffed. Taking this step is not recommended, however, if you anticipate needing a loan or a new account yourself in the near future.

What to Do to Reduce the Risk of ID Theft

Limit the data you give out. Make sure you know why a company or an advisor is asking for your personal data. Ask how it will be stored and secured and who will have access.
Use a credit monitoring service.
Use only one credit card for online purchases.
Enable two-step verification on accounts when available.
Keep systems and software on your devices up to date.
Use your bank’s automatic bill pay rather than setting up auto withdrawals with vendors.
Avoid using unsecured wi-fi when accessing the internet from any of your devices.

If you believe you are already a victim of identity theft, visit the Identity Theft Resource Center at www.idtheftcenter.org, a non-profit organization established to help victims of identity theft in resolving their cases.

North American Management Corporation (NAM) is an SEC registered investment adviser located in Boston, MA and St. Louis, MO. The information presented above reflects the opinions of NAM as of Sept. 15, 2017, and is subject to change at any time based upon legislation change, market or other conditions. These views do not constitute individual investment advice and there is no representation that any of the statements or predictions will materialize. The data in this report is taken from sources that NAM believes to be reliable. Notwithstanding, NAM does not guarantee the accuracy of the data. Any specific investment or investment strategy can result in a loss. Asset allocation and diversification do not ensure a profit or guarantee against a loss. Past performance is no guarantee of future results.

Assume You Were Affected

What You Should Do Now

See if Your Data was Compromised. Equifax has established a website (www.equifaxsecurity2017.com) where you can see if you have potentially been impacted. If you have, Equifax is providing complimentary monitoring services and ID theft protection through TrustedID Premier. This site also has a robust FAQ section explaining in more detail what happened, when it happened, and what else you can do to protect your data.
Check Your Other Credit Reports. Hackers begin using fraudulent data immediately, so request your report from the other two credit agencies, Experian and TransUnion.
Check Your Bank & Credit Card Statements. You should do this on a monthly basis.
Sign Up for Credit Monitoring. If you are reluctant to use the complimentary Equifax service being offered, pay for a year of credit monitoring through another vendor such as LifeLock or ID Shield.
Consider a Freeze on Your Credit Report. By putting a freeze on your report at each of the agencies, banks and credit card companies looking to verify your credit in anticipation of opening an account or issuing a loan cannot get your credit report. Therefore, hackers will effectively be rebuffed. Taking this step is not recommended, however, if you anticipate needing a loan or a new account yourself in the near future.

What to Do to Reduce the Risk of ID Theft

Limit the data you give out. Make sure you know why a company or an advisor is asking for your personal data. Ask how it will be stored and secured and who will have access.
Use a credit monitoring service.
Use only one credit card for online purchases.
Enable two-step verification on accounts when available.
Keep systems and software on your devices up to date.
Use your bank’s automatic bill pay rather than setting up auto withdrawals with vendors.
Avoid using unsecured wi-fi when accessing the internet from any of your devices.