Wolf Advises Consumers to 'Take Control' of Financial Data
Following the recent announcement that hackers had gained access to consumer data from Equifax, one of the three major credit-reporting agencies, Secretary of Banking and Securities Robin L. Wiessmann advised consumers to take control of their personal and financial data.
September 28, 2017 at 04:57 PM
2 minute read
Following the recent announcement that hackers had gained access to consumer data from Equifax, one of the three major credit-reporting agencies, Secretary of Banking and Securities Robin L. Wiessmann advised consumers to take control of their personal and financial data.
When consumers apply for credit cards, bank accounts, or loans, lenders rely on this information supplied by Equifax and the other two major credit reporting agencies, Experian and TransUnion. Equifax announced that data of 143 million American consumers may have been compromised, including names, Social Security numbers, birth dates, addresses, and even drivers' license numbers and credit card numbers.
“We are living in an age where technology has made simple tasks easier and complex functions more convenient,” Wiessmann said. “However, along with these advances in technology, the associated risks to consumers have evolved and become more challenging and daunting. People's identities can be stolen, their bank accounts can be drained, and their credit can be ruined by criminals in distant lands over the course of weeks, months or even years.”
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