By Heather Hamilton, contributing writer
Equifax joins the increasing number of companies breached by hackers, leaving the private data of as many as 143 million users vulnerable to others. And, while users themselves may go to great lengths to protect their identities and safeguard their information, company-wide hacks spare no one.
Even if every consumer’s data was not compromised this time, it will likely be at risk in the future. To protect themselves in this latest attack and in those that may be yet to come, consumers should take action now.
And many are trying to, but Equifax isn’t exactly helping.
Equifax’s incomplete answer
In response, Equifax set up a website that was intended to provide answers to consumers but seemed only to frustrate them. Initially, they didn’t offer a simple way to identify whether or not a consumer’s data was compromised, reported Ron Lieber in the New York Times, offering a year of free credit monitoring instead.
A day later, the sight allowed you to enter your name, but told everyone that their data “may have been compromised,” reported Lieber. Amidst accusations of incorrect information being given and understaffing, Equifax’s solution allows consumers the ability to turn off and on their Equifax credit report, but doesn’t protect their reports at Experian and TransUnion.
Sign up for alerts
The New York Times recommends setting up fraud alerts with Experian, TransUnion, and even Equifax, which will inform you if someone attempts to apply for credit using your name. You should also check with your bank to discuss ways that you might set up a similar alert for both credit and debit cards.
The NY Times also cautiously recommends credit monitoring, offered for free by Equifax, advising that you read the fine print.
Consider your credit
Americans can receive one credit report per year from the aforementioned agencies, and they should be using them via annualcreditreport.com. Your best chance at catching fraud is to split up the year and check a report every four months.
USA Today advocates for credit freezing as a protective option. Of course, this comes at an additional charge. In a credit freeze, your credit files and associated data are locked from any company that you don’t currently do business with. So if someone attempts to open up a line of credit using your information and you aren’t a current customer, they’ll be unable to. You can thaw the freeze via a PIN should you need to access your data.
File your taxes early
The Federal Trade Commission seconds the above recommendations, adding that consumers should also consider filing taxes as soon as they’re able to beat a potential scammer to the punch. They caution that tax identity theft happens when someone uses your Social Security number to get a job or file for a tax refund.
Practice safe spending
While it may not help in the Equifax data breach, there are practices that you can implement into daily life to further protect your data. CBS News recommends, in addition to the strategies above, never using debit cards for online purchases (they don’t offer the same protections as credit cards) and reviewing bank statements regularly.
They also recommend avoiding logging onto financial accounts or making purchases on an unsecured network, giving financial information over the phone, and using an email address as a login for financial accounts.
Sources: Equifax, New York Times, annualcreditreport.com, USA Today, The Federal Trade Commission, CBS News
Image Source: Pixabay
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