Equifax Data Breach: WI Banking Industry has Consumers’ Backs

You are likely already aware of Equifax’s Data breach that could potentially affect 143 million people. Hackers gained access to certain files in the company’s system from mid-May to July, primarily including names, Social Security numbers, birth dates, addresses and possibly some drivers license numbers.

The Equifax data breach will affect millions of consumers, and Wisconsin’s banking industry stands ready to assist their clients. It is the banks in Wisconsin and across the nation that shield their customers from the financial harm caused by data breaches. It is as simple as this: when a breach occurs, banks often bear the brunt of the costs so their customers won’t have to.

“Have I been compromised?” is the biggest question on consumers’ minds. The Wisconsin Bankers Association offers the following tips for consumers who are not sure if their information has been compromised, as well as steps for consumers who know their information was stolen:

Not sure if your information has been compromised?

1. Visit www.equifaxsecurity2017.com, an online service Equifax has set up. This is where you can check if your information has been compromised.
2. Check all of your accounts via online services provided by your bank or credit card provider. If you don’t have access to or haven’t set up an online account, you can call the company directly for assistance in reviewing your accounts. Consumers should be looking for any discrepancies in their purchasing habits. Be sure to do this over the next few months! Just because the bad guys have your information now, it doesn’t mean they will use it immediately.
3. Monitor your accounts closely and frequently. Balance your checkbook monthly and match credit card statements with receipts. By viewing accounts online and checking throughout the month, you’ll be able to identify possible problems sooner.
4. Review your credit report every three or four months. You are entitled to one free credit report from each of the three major credit bureaus per year. Request a single report from one of the bureaus every three or four months. By staggering these requests, you will be able to monitor your credit throughout the year. Alternatively, you can sign up for an annual report at www.annualcreditreport.com.

If you know your information has been compromised:

1. Contact the security departments of your creditors or bank to close the compromised account(s). Explain that you are a victim of identity theft and this particular card or account has been compromised. Ask them to provide documentation that the account has been closed. You should also follow up with a letter to the agency documenting your request.
2. Contact the three major credit bureaus (Experian, Trans Union and Equifax) via phone immediately to request a fraud alert be placed on your file. Once again, explain that you are a victim of identity theft and ask that they grant no new credit without your approval. Again, follow up with a letter to the agency documenting your request.
3. File a report with your local police department and request a copy of the report. This is good documentation to have on hand to prove your identity has been stolen as you begin the process of restoring your credit and good name.
4. Document all of your actions and keep copies of everything. Whether you are sure or unsure your financial information has been compromised, one of your first calls should be to your bank. Your bank has a variety of resources available for customers that can help with situations like these. Their staff are also knowledgeable and more than willing to help.
5. Visit www.identitytheft.gov, the FTC’s identity theft reporting website. Here you will find assistance with reporting identity theft and personal recovery plans.

Contact information for the three major credit bureaus:

Experian
Order credit report: 888-397-3742
Report fraud: 888-397-3742
www.experian.com

Trans Union
Order credit report: 800-888-4213
Report fraud: 800-680-7289
www.tuc.com

Equifax
Order credit report: 800-685-1111
Report fraud: 800-525-6285
www.equifax.com

The Wisconsin Bankers Association is the state’s largest financial industry trade association, representing nearly 260 commercial banks and savings institutions, their nearly 2,300 branch offices and 23,000 employees.