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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)

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Child Safety Advocates Urge Facebook To Scrap Plans for Instagram Kids

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  • Nearly 100 child safety experts and international organizations sent a letter to Facebook Thursday criticizing its plans to develop an Instagram app for children under 13.
  • Facebook claims the app will offer parental controls and is meant to create a safer space for kids, who are often lying about their age to access the normal version of Instagram.
  • Still, critics point out that children already on Instagram are unlikely to switch to a kids version. Many also cited concerns about screen time, mental health, and privacy, arguing that younger children are not ready for such a platform.
  • U.S. Lawmakers expressed similar concerns earlier this month, saying, “Facebook has an obligation to ensure that any new platforms or projects targeting children put those users’ welfare first, and we are skeptical that Facebook is prepared to fulfill this obligation.”

Instagram for Kids

An international group of 35 organizations and 64 experts, coordinated by the Campaign for a Commercial-Free Childhood, released a letter Thursday urging Facebook to abandon its plans to release an Instagram app for kids under 13-years old.

Plans for Instagram Kids have been public for about a month after Buzzfeed News obtained emails about the app in mid-March. Since then, there have been widespread concerns about how such an app could affect children.

Thursday’s letter argues that a version of Instagram targeting under-13-year-olds raises concerns about privacy, screen time, mental health, self-esteem, and commercial pressure. Stephanie Otway, a spokesperson for Facebook, said the company understands the concerns presented by the Campaign for a Commercial-Free Childhood.

“We agree that any experience we develop must prioritize their safety and privacy, and we will consult with experts in child development, child safety and mental health, and privacy advocates to inform it,” she said.

“The reality is that kids are online. They want to connect with their family and friends, have fun and learn, and we want to help them do that in a way that is safe and age-appropriate. We also want to find practical solutions to the ongoing industry problem of kids lying about their age to access apps,” Otway added, noting the reality of how many children interact with age-gated apps.

Unlikely To Stop Children From Joining Regular Instagram

The idea that children would just switch to Instagram Kids received pushback from the Campaign for a Commercial-Free Childhood. In fact, the group’s executive director, Josh Golin, pointed out that most kids who are currently on Instagram are between 10 and 12-years-old, and they likely wouldn’t migrate over to Instagram Kids because it will be perceived as “babyish and not cool enough.”

The children this will appeal to will be much younger kids,” Golin explained. “So they are not swapping out an unsafe version of Instagram for a safer version. They are creating new demand from a new audience that’s not ready for any type of Instagram product.”

It’s unknown exactly how the app would work, but it would feature content similar to what is allowed in other age-appropriate apps, such as YouTube Kids. One of the few details given out so far is that Instagram Kids will be ad-free and feature parental control options.

Concerns over Instagram Kids has also come from lawmakers. On April 5th Senators Edward Markey (D-Mass.) and Richard Blumenthal (D-Conn.), alongside Representatives Kathy Castor (D-Fla.) and Lori Trahan (D-Mass.), sent a letter to Facebook CEO Mark Zuckerberg expressing concerns that “children are a uniquely vulnerable population online, and images of kids are highly sensitive data.”

“Facebook has an obligation to ensure that any new platforms or projects targeting children put those users’ welfare first, and we are skeptical that Facebook is prepared to fulfill this obligation.”

See what others are saying: (TechCrunch) (BBC) (NBC News)

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Retail Sales Jump Amid Stimulus Spending, Unemployment Claims Plunge To Pandemic Low

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  • The Commerce Department released a report Thursday recording a 9.8% spike in retail sales for the month of March.
  • That surge was largely driven by stimulus check spending, with restaurant, sporting goods, clothing and accessory, and auto sales all being among the top-performing sectors in retail for the month. 
  • Coupled with that news, the Labor Department reported that 576,000 unemployment claims were filed last month — a pandemic low. 
  • That figure is still significantly higher than the roughly 200,000 weekly unemployment claims filed before the pandemic. 

Retail Sales Spike

U.S. retail sales for the month of March jumped 9.8% from February, according to a Thursday morning report from the Commerce Department.

That spike is largely thanks to the most recent round of stimulus checks from Congress.

March was the best month of retail spending since May of last year, which at the time saw an 18.3% gain following the first wave of stimulus checks.  

Sales in the bar and restaurant industry rose 13.4%, making them among the retail sectors that saw the biggest spikes last month. That’s largely a result of relaxed lockdowns stemming from the country’s current pace of around three million vaccinations a day. Meanwhile, sporting goods spending rose 23.5%, clothing and accessory sales rose 18.3%, and motor vehicle parts and dealer sales rose 15.1%.

“Spending will almost certainly drop back in April as some of the stimulus boost wears off,” wrote Michael Pearce, senior U.S. economist at Capital Economics, “but with the vaccination rollout proceeding at a rapid pace and households finances in strong shape, we expect overall consumption growth to continue rebounding rapidly in the second quarter too.” 

Unemployment Hits Pandemic Low

The retail sales data came around the same time that the Labor Department released this past week’s unemployment figures, which dropped to a new pandemic low of 576,000 claims. 

That’s a massive difference from almost exactly a year ago when 6 million people filed for unemployment in a single week. It’s also a significant decline from the 769,000 people that filed jobless claims last week, especially since some analysts had predicted there would be around 700,000 jobs lost with this week’s report.

That said, unemployment claims are still much higher than the around 200,000 a week that were being filed prior to pandemic closures.

“You’re still not popping champagne corks,”  Diane Swonk, chief economist at the accounting firm Grant Thornton, said according to The New York Times. “I will breathe again — and breathe easy again — once we get these number[s] back down in the 200,000 range.”

See what others are saying: (The New York Times) (CNBC) (Fox Business)

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Hundreds of Businesses and Celebrities Join Growing Fight Against Restrictive Voting Efforts

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  • In a letter published Wednesday, hundreds of major companies, law firms, corporate leaders, and celebrities banded together “to oppose any discriminatory legislation or measures that restrict or prevent any eligible voter from having an equal and fair opportunity to cast a ballot.”
  • The list of signatories includes companies like Facebook, Twitter, and Amazon; celebrities such as Demi Lovato, Katy Perry, and Samuel L. Jackson; and billionaire investor Warren Buffet, among others.
  • Though the letter does not address any specific voting legislation, it was organized by Kenneth Chenault and Kenneth Fraizer, who also organized a letter late last month in which more than 70 Black executives urged companies to take a stand against GOP-led restrictive voting proposals being floated in dozens of states. 

Hundreds of Companies Oppose Restrictive Voting 

The number of companies speaking out against a series of GOP-led voting proposals is growing, despite calls from notable Republicans for boycotts against companies doing so.

In a letter published Wednesday morning, hundreds of major companies, law firms, corporate leaders, and celebrities united behind what journalist David Gelles described as “the biggest show of solidarity to date.”

The letter itself doesn’t specifically call out Republican voting efforts. Instead, the statement reads, “We stand for democracy,” with the signatories also vowing “to oppose any discriminatory legislation or measures that restrict or prevent any eligible voter from having an equal and fair opportunity to cast a ballot.”

Still, the letter comes in the middle of an ongoing battle between corporate America and the GOP, which is backing dozens of state proposals that many have condemned as restrictive and discriminatory against poorer individuals and people of color.

The slew of companies that signed Wednesday’s letter includes Target, Netflix, Bank of America, Facebook, Twitter, Microsoft, Starbucks, Amazon, Mastercard, American Airlines, United Airlines, and others. 

The letter also boasts star-power from celebrities like Demi Lovato, Katy Perry, Gwyneth Paltrow, George Clooney, and Samuel L. Jackson, among others. Notably, billionaire investor Warren Buffet also added his name to this list.

Companies Debate Taking Action Against States That Pass Restrictive Voting Measures

Wednesday’s letter was organized by Kenneth Chenault and Kenneth Frazier, who late last month also organized a similar letter from a group of more than 70 Black executives. That message, which urged companies to speak out against the GOP-led proposals, has largely been credited with helping to catalyze the fight between the GOP and corporate America. 

This past weekend, the two also partially led a Zoom call that featured over 120 CEOs and business leaders. 

During that call, participating executives considered a number of possible steps, including pulling donations to politicians who support restrictive voting measures, refusing to move business or jobs to states that pass such laws, and even relocating events; however, no hard plans were actually set into motion.

Still, some groups have already gone forward with various forms of protests against such laws. Last week, Major League Baseball announced it was moving its All-Star game out of Georgia, which recently passed a series of restrictive voting measures. On Monday, actor Will Smith and director Antoine Fuqua also announced that they no longer plan to film their runaway slave thriller “Emancipation” in the state.

Some Companies Didn’t Speak Out in Wednesday’s Letter

Both federal and state Republicans have been very vocal as businesses have continued to lob criticism at their proposed laws. 

Last week, Senate Minority Leader Mitch McConnell warned businesses to “stay out of politics,” though he later walked back that statement.

Two weeks ago, the Georgia state House voted to strip Delta Airlines of its tax breaks after the company spoke out against the state’s new voting laws. In fact, that reprimand might explain why it and other Georgia-based companies like Coca-Cola were absent from Wednesday’s letter. 

According to The New York Times, people involved in the process of organizing this letter said those companies feared more blowback and also did not feel the need to speak up again.

Connected to that, The Times reported that some companies originally tried to have the line of “oppos[ing] any discriminatory legislation” removed, but they later signed anyway after Chenault and Frazier insisted the line was crucial.

See what others are saying: (The New York Times) (The Washington Post) (The Hollywood Reporter)

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