Equifax Data Breach

Credit Cards

Friday, September 8, 2017

Giant Equifax data breach: 143 million people could be affected


Equifax, one of the “Big Three” credit reporting companies, suffered a major data breach in late July 2017. The breach (made public today) has compromised the accounts of roughly 143 million Americans. In addition to consumers’ credit scores, “loans, loan payments and credit cards, as well as information on everything from child support payments, credit limits, missed rent and utilities payments, addresses and employer history” were obtained by the cyber-criminals.

See Read more . . .


Tuesday, July 11, 2017

It just got easier for you to sue your bank and credit card company.


The Consumer Financial Protection Bureau issued a new rule Monday that prevents companies from using arbitration clauses to stop consumers from bringing class action lawsuits.

 The clauses force people to "go it alone or give up," said CFPB Director Richard Cordray. "Our new rule will stop companies from sidestepping the courts and ensure that people who are harmed together can take action together," he said. Many people aren't aware that their bank account or credit card contracts came with an arbitration clause buried in the fine print.

 But they're pretty common.
Read more . . .


Tuesday, July 11, 2017

Notice of Sabre Data Security Incident Impacting Guest Payment Card Information


Four Seasons Hotels and Resorts was recently informed of a data security incident at Sabre, a third-party hotel reservations provider to thousands of hotel properties, including those managed by Four Seasons. The incident involved unauthorized access to certain guest information associated with a subset of hotel reservations processed through Sabre's SynXis Central Reservations System (CRS) from August 10, 2016 until March 9, 2017. Sabre has confirmed that the issue has been contained and the unauthorized access has been revoked, but some guest information may have been compromised as a result of the incident. 

 The Sabre CRS facilitates the booking of hotel reservations made by consumers through hotels, online travel agencies, and similar booking services. Following an examination of forensic evidence, Sabre confirmed to Four Seasons Hotels and Resorts on June 6, 2017 that an unauthorized party gained access to account credentials that permitted unauthorized access to certain unencrypted payment card information, as well as certain reservation information, for a subset of hotel reservations processed through Sabre's system.
Read more . . .


Tuesday, June 13, 2017

Americans are suddenly defaulting on their credit cards


The American economy has looked pretty robust of late — unemployment just hit a 16-year low, and stocks recently reached an all-time high. This makes it all the more curious that Americans have suddenly stopped paying off their credit-card bills at a rapid rate.

In the past two fiscal quarters, banks reported a steep rise in credit-card charge-offs — debt that companies can't collect from their customers — according to a report from Moody's.

The sharp increase, the largest since 2009, is especially unusual given how strong the US employment market has been, Moody's noted. It suggests that American consumers haven't fallen on hard times so much as banks have started to loosen their standards and issue credit more aggressively.
Read more . . .


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