What is the biggest threat from the Equifax breach? Account takeovers

September 12, 2017

Yes, there will be some tax and banking fraud as a result of the gargantuan data breach at Equifax. The biggest impact, however, will be felt by enterprises that rely on credit reporting bureaus to verify the identity of people they are doing business with.

Think employment verification, social services verification, and other forms of identity verification that rely on credit reports. These services depend on the idea that only the individual knows all the details used to verify identity, but that assumption requires ignoring the sheer amount of personally identifiable information (PII) that has been exposed over the past few years.

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