News, Education and Events Decoding Digital Payments & Fraud

News, Education and Events Decoding Digital Payments & Fraud

Equifax Acknowledges Millions More Records Exposed in Breach

Equifax Acknowledges Millions More Records Exposed in Breach

The massive breach uncovered last September at credit bureau Equifax just got a little bigger. The Atlanta-based information aggregator acknowledged last week that personal information connected with 2.4 million U.S. consumers was compromised, in addition to the 143 million records the company initially admitted were exposed to hackers last fall. The company said names and partial driver’s license information connected with these additional consumers were stolen in the breach.

Equifax characterized the information as partial because they said it does not include home address, state, date of issuance or expiration date of the license “in the vast majority of cases.”

The Equifax breach, and others like it which do not target payment card information, are one of the root causes (reuse of passwords is another) of a significant rise in account takeover, account creation and synthetic fraud that e-commerce merchants and others who accept online payments are experiencing. According to a former-fraudster-turned-consultant, the Equifax hack, alone, will result in a significant rise in fraud attacks that “will last years.”

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