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Equifax to Pay Up to $700 Million for Data Breach, Here’s How to Claim Your Money

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  • Equifax will be required to pay up to $700 million under a settlement for a 2017 data breach that revealed the data of 147 million people.
  • As much as $425 million will be allocated to compensate people impacted by the breach, and those individuals will receive at least $125 dollars and as much as $20,000. 
  • Anyone can check to see if they were affected by the hack and file a claim if needed on Equifax’s website.

Equifax Data Breach Settlement

Credit reporting company Equifax will pay up to $700 million in a new settlement over a 2017 data breach that exposed the personal information of 147 million people.

The breach exposed names, birth dates, addresses, drivers license numbers, and Social Security numbers. It’s been dubbed the largest hack in U.S. history and now, the deal reached with Equifax will be the largest settlement ever paid-out for a data breach.

In a statement Monday, the Federal Trade Commission (FTC) said Equifax had agreed to pay at least $575 million and up to $700 million in damages. However, not all of that money will go to the nearly 150 million people impacted by the hack.

As much as $425 million will go to compensate the individuals who were affected. About $175 million will go to 48 states, the District of Columbia, and Puerto Rico. The other $100 million will go the Consumer Financial Protection Bureau for civil penalties.

According to the FTC, the people affected by the breach can file a claim and will be entitled to at least $125 and at most $20,000. Those entitled to the $125 can opt to enroll in up to 10 years of free credit monitoring instead of the reimbursement.

Those impacted can also be compensated $25 per hour for up to 20 hours for time spent dealing with the breach, though they have to provide proof. They will also be offered free identity restoration services for up to seven years.

If you’re one of the 147 million whose information was leaked in the breach, here’s how you can claim your money.

Step 1: Go to the Website & Verify Your Data Was Breached

The first step is to go to the website and see if your data was breached.

You can do this by scrolling down and clicking “Find Out If Your Information Was Impacted.”

Source: Equifax

You will be asked to provide your last name and the last six digits of your Social Security number. You may be hesitant to provide this information to Equifax, but there is no cause for concern because a third the company will be handling the pay-outs and claims.

Source: Equifax

Step 2: File a Claim

If you find that your data has in fact been compromised, you will be provided an option to file a claim on the same page.

Source: Equifax

If you choose to file a claim, you will be asked a series of simple questions about yourself such as your name, number, address, and year of birth.

Source: Equifax

Step 3: Choose Compensation or Credit Monitoring

Once that is complete, you will be asked to choose either the free credit monitoring option or the $125 compensation.

Source: Equifax

Step 4: Reimbursement for Time Spent Trying to Recover

After that, you will be asked if you wish to claim reimbursement for the time you spent trying to recover from fraud or identity theft. If you claim 10 hours or less, you will be required to describe what you did to address the breach, and how long it took.

If you claim more than 10 hours, you will be required to provide documentation to show proof of the fraud or identity theft. 

Step 5: Reimbursement for Money Lost or Spent

Finally, you will be asked if you lost or spent money while trying to recover from fraud or identity theft. If you click “Yes,” you will be required to provide documentation.

Source: Equifax

The good news is once that is complete, you’re all done. The bad news is, it will be some time before you see that money. According to the FTC, benefits will not be sent out until January 23, 2020, at the earliest.

See what others are saying: (Business Insider) (CNN) (The Verge)

Business

Target Joins Walmart in Offering Free College Tuition To Attract and Retain Workers

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The decision makes Target the latest major company to dangle such incentives before employees, joining the likes of Walmart, Chipotle, and Starbucks.


Target Launches Debt-Free Education Asssitance Program

Target announced new employee perks on Wednesday that it likely hopes will help attract and retain workers. 

Starting this fall, Target will cover the cost of tuition, fees, and textbooks for both part-time and full-time workers who pursue degrees or certificates at more than 40 participating institutions.

Employees will have at least 250 different business-aligned programs to choose from, including Business, Computer Science, Design, and more.

Target will also fund advanced degrees, paying up to $10,000 each year for master’s programs at those schools, and it’s offering up to 5,250 for those pursuing non-master’s degrees or business-aligned programs at one of the select schools.

The company said it plans to invest a total of $200 million in the education program over the next four years, and employees in the U.S. will qualify as soon as their first day.

“Target employs team members at every life stage and helps our team learn, develop and build their skills, whether they’re with us for a year or a career. A significant number of our hourly team members build their careers at Target, and we know many would like to pursue additional education opportunities. We don’t want the cost to be a barrier for anyone, and that’s where Target can step in to make education accessible for everyone,” said Melissa Kremer, Target’s Chief Human Resources Officer.

Companies With Similar Perks

Places like Chipotle and Starbucks have already had similar education programs in place, but more companies have been introducing or expanding on similar policies as businesses across the country struggle to find and retain workers amid the coronavirus pandemic.

Just last week, Walmart announced that it will cover the full cost of college tuition and books for itsemployees, after previously requiring them to pay $1 a day for the assistance. Those workers can now select from around 10 academic partners.

While many have applauded these actions from big corporations, others have noted that it makes it tougher for smaller businesses to compete since they don’t have the same resources at their disposal.

There is some concern about how this could change the business landscape in the future as a handful of large companies dominate in their own sectors and siphon a lot of the talent, forcing smaller competitors to close. Still, others argue that this was already happening. At least now, the big players are investing and support their workforce while doing it.

See what others are saying: (CNBC) (The Hill) (Forbes)

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Tencent Stock Plummet as Company Weighs Video Games Ban for Kids in China

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The world’s largest game developer appears fearful that the Chinese government will launch another crackdown on gaming similar to one it launched in 2019 when it limited game time for minors.


No More Video Games

Tencent Holdings, Ltd. — China’s most valuable corporation and the world’s largest gaming company — announced Tuesday that it would consider completely banning games for those under 12-years-old in China.

Tencent also announced that it will now limit playtime for Chinese minors to just 1 hour during weekdays and no more than 2 hours during weekends and holidays. Under a Chinese law set up in 2019, game developers are required to limit minors to just 1 hour and 30 minutes of playtime during weekdays and 3 hours during weekends and holidays.

Additionally, the company explained that it will move forward with plans to enact systems that bar those under 12 from engaging in microtransactions, starting with the largest mobile game, “Honor of Kings” (王者荣耀). It’s possible the ban will extend to some of Tencent’s other holdings, such as “League of Legends” (Riot Games) and “Path of Exile” (Grinding Gear Games), although these changes will likely only affect Chinese users.

Tencent’s decision comes just a day after the Economic Information Daily, a subsidiary of state media giant Xinhua News, said in a now-deleted article that video games were “spiritual opium” and that no industry should continue in a manner that will “destroy a generation.”

Likening video games to opium holds cultural significance in China, which has long disliked narcotics and is sensitive to comparisons to the drug. Using such language, especially by state media, is often seen as a sign that the government is ready to crack down on the industry.

Crackdown Fears

Those fears largely played out over a 24-hour period as shares for Tencent and NetEase, another large game developer in China, plummeted. Tencent’s shares dropped by 11% on the Hong Kong Stock Exchange, although it eventually settled at just a 6% loss by the end of Tuesday.

It wasn’t just Chinese gaming companies that were worried. The announcement sent ripples across the entire industry as Nintendo, Capcom, and Nexon shares all were heavily affected as well. One of the reasons that such an article can cast widespread concern is that China has increasingly become the largest market in the $180 billion video game industry, making it larger than the global movie industry and North American professional sports, combined.

Coupled with the recent fall of ActivisionBlizzard’s stock over the last two weeks due to its sexual assault lawsuit and other industry shakeups, over a trillion dollars of market value was wiped out at one point on Tuesday.

See what others are saying: (Associated Press) (Time) (Fox Business)

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Google Is Banning “Sugar Dating” Apps as Part of New Sexual Content Restrictions

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The change essentially targets apps like Elite Millionaire Singles, SeekingArrangements, Spoil, and tons of other sugar dating platforms.


Sugar Dating Crackdown

Google has announced a series of policy changes to its Android Play Store that include a ban on sugar dating apps starting September 1.

The company’s Play Store policies already prohibit apps that promote “services that may be interpreted as providing sexual acts in exchange for compensation.”

Now, it has updated its wording to specifically include “compensated dating or sexual arrangements where one participant is expected or implied to provide money, gifts or financial support to another participant (‘sugar dating’).”

The change essentially targets apps like Elite Millionaire Singles, SeekingArrangements, Spoil, and tons of other sugar dating platforms currently available for download.

Search results for “Sugar Daddy” on Google’s Play Store

What Prompted the Change?

The company didn’t explain why it’s going after sugar dating apps, but some reports have noted that the move comes amid crackdowns of online sex work following the introduction of the FOSTA-SESTA legislation in 2018, which was meant to curb sex trafficking.

That’s because FOSTA-SESTA created an exception to Section 230 that means website publishers can be held liable if third parties are found to be promoting prostitution, including consensual sex work, on their platforms.

It’s worth noting that just because the apps will no longer be available on the Play Store doesn’t mean the sugar dating platforms themselves are going anywhere. Sugar daters will still be able to access them through their web browsers, or they can just sideload their apps from other places.

Still, the change is likely going to make the use of these sites a little less convenient.

See what others are saying: (The Verge)(Engadget)(Tech Times)

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