Random Thoughts – Randosity!

Beware of Silicon Valley Clean Energy and energy slamming

Posted in botch, business, california by commorancy on September 19, 2017

If you live in California, you need to read this. This situation has scam written ALL OVER IT. Let’s explore.

State / City Mandated ‘Clean Energy’

Apparently, as a result of city voting, some cities (such as Cupertino) have decided to force residents in that city to change their power generation provider to a third party instead of PG&E. In my case, it ends up being the scam outfit Silicon Valley Clean Energy. Why are they a scam? Here’s what happened.

First, they enrolled my electrical generation service under SVCE’s generation service without my permission. Then, SVCE waited over 60 days to notify me of my enrollment into their power generation service. Because they offered opting out at less than 60 days for free, this means I am not only being assessed a $5 exit fee from SVCE and I am now being put under PG&E’s transitional rates (which are likely to be higher than normal PG&E for at least 6 months). Oh, it gets even better.

Second, because I was force exited from PG&E’s generation services, PG&E gets to assess a Power charge indifference adjustment (PCIA) charge (effectively it is an exit charge for leaving PG&E’s power generation services). This charge on my last bill was $25.60. If you add this charge together with SVCE’s power generation charges, the total generation fee becomes identical to PG&E’s generation charges. If you spread this fee out over 12 months, SVCE’s charges aren’t as low as they seem. Also, this PCIA seems to be assessed once a year (or as frequently as the CPUC allows PG&E to assess it). Basically, this is a charge that PG&E gets to assess to cover generation fees they lost because you moved to a competitor. And, they get to do it each year.

Third, SVCE’s crap web site would not accept my opt-out request. Their opt-out form is entirely broken. I ended up calling their phone and opt-ing out there. Unfortunately, I have no idea if they really got my opt-out request because this fly-by-night outfit only has 9-5 call-center business hours. So, I have to wait until the following day and contact them.

Fourth, I was only notified of my ‘enrollment’ in this service because of a cheap card sent to me in the mail over 60 days after my enrollment.

Fifth, they make a lot of bold claims about using wind and solar energy for generation, but do not back up those claims anywhere. They could simply be buying PG&E generated power and reselling it.

Charges and electric slamming

Not only does PG&E get to assess random charges as a result of the customer is now using a third party power generation company, the power generation company gets to assess random exit charges for leaving their service when I never voluntarily joined it in the first place.

This entire situation smells of CLASS ACTION LAWSUIT. So far, I will have been assessed around $35 in fees plus an unknown amount for rates (up to 6 months) simply because SVCE grabbed my service without notifying me timely. This is the exact thing that long distance phone companies were doing in the 90’s. It is called slamming. This scam type is just another form of state / city endorsed slamming, now with the electric service.

The Feds need to jump on board and stop this slamming activity quick and force the same payback charges on the company who slammed the customer. Here’s what long distance providers were forced to do if they slammed someone onto their service and the end user paid the bill:

If you have been slammed, but discover it after you HAVE paid the bill of the slamming company, the slamming company must pay your authorized company 150 percent of the charges you paid the slamming company. Out of this amount, your authorized company will reimburse you 50 percent of the charges you paid the slamming company. Or, you can ask your authorized company to recalculate and resend your bill using its rates instead of the slamming company’s rates.

Electric generation companies need to be held accountable for slamming in the same way as long distance providers. Companies like SVCE riding on the coattails of city votes shouldn’t get a pass to switch services without permission. Slamming is slamming whether it’s for telephone service or power generation. No matter what it is, it’s a rip off unless the change is by consumer permission. If there are fees involved, the customer MUST authorize the change in advance. Otherwise, it is slamming.

Is the iPhone X Innovative?

Posted in Apple, botch, california by commorancy on September 17, 2017

Clearly, Apple thinks so. I’m also quite sure some avid Apple fanboys think so. Let’s explore what innovation is and what it isn’t and compare that to the iPhone X. Let’s explore.

What is innovation?

Innovation effectively means offering something that hasn’t been seen before, either on other devices or, in fact, at all. I’ll give an example of this. If I create a transporter that can rearrange matter into energy and safely transmit it from point A to B and reassmble it into a whole, that’s innovation. Why? Because even though the concept has existed in the Star Trek universe, it has never existed in the real world. This is true innovation and would ultimately change transportation fundamentally as we know it. Though I won’t get into the exact ramifications of such an invention, suffice it to say this technology would be a world game changer. This example is just to show the difference between true innovation and pseudo innovation. Innovation should be a world game changer to be true innovation.

So then, what is pseudo innovation? This type of innovation, also known as incremental innovation, is to take an existing device and extend it with a natural progression that people expect or, perhaps, have even asked for or because other devices on the market have already added it. As an example, this would be taking a traditional blender and exchanging the blender bowl with a small single service container that can double as a cup. This is a natural progression from an existing blender to a more useful and functional device. This is the kind of change that doesn’t change the world, but solves a small problem for much smaller subset of people.

iPhone X Design

Let’s dissect this design from top to bottom to better understand it better and understand why the iPhone X is not in any way truly innovative and only presents pseudo innovation.

  • OLED display While this is new to the iPhone, it is in no way new to mobile devices. Samsung has been shipping tablets and phones with AMOLED displays for years now. In fact, I’ve personally owned the Samsung Galaxy Tab S for at least 4 years that has a Super AMOLED display. This display has been amazing and remains that way to this day. Apple is substantially late to this party for the iPhone. While it’s new to Apple’s devices, OLED is not in any way a new technology created by Apple. Worse, Apple hobbled their OLED display with the unusual design of that large black brow at the top. I still have no explanation for covering 10% of the display with an unsightly black bar. Worse, when videos play or other active content is viewed, 1/10 of that content is now being obscured by that black bar unless you change the settings. Such a questionable addition to an expensive phone.
  • Removal of Touch ID This is actually negative innovation. Removal of useful features from a device serves only to leave more questions than answers. Touch ID is a relatively new addition to the iPhone. That Apple shipped the iPhone X without it is entirely unexpected. Apple should have postponed the release until they got this right. Touch ID is an intrinsic, non-intrusive technology that works in all conditions, secures the device using biometrics and offers a much safer alternative to login IDs and typing passwords (something entirely cumbersome on small phone devices).
  • Addition of Face ID — Face recognition on a phone, while new to the iPhone isn’t a new technology, nor was it created by Apple. Cameras have been capable of recognizing faces when taking photos, but it does not necessarily take the step to identify the person. Apple takes it to the identification level with Face ID. In fact, it takes it to the next step to use it to identify the owner of the phone. However, this is an untested new technology when used on a phone. While computers with hefty internet connections have been capable of performing this type of fast facial recognition, a phone will require a cloud service to provide such an identification. This means that your facial information will need to transmit to a cloud service and attempt to determine that you are you. It also means that this picture information may be stored on Apple’s servers for this purpose. It also means there’s a huge privacy concern here if Face ID captures something it shouldn’t have. Touch ID is never susceptible to this privacy intrusion problem.
  • Wireless ChargingAgain, Samsung devices have had wireless inductive charging for years. This addition, while new to Apple’s phones, is not in any way innovation. Wireless charging has previously existed on other non-Apple devices and, again, has not been created by Apple. Apple has embraced the Qi wireless charging standard up to a point. However, Apple has denied iPhone devices from using Qi fast charging, instead choosing to offer up Apple’s own standard sometime in 2018.
  • Fast Charging — This allows the phone to charge the battery perhaps 5x faster than the iPhone currently charges today. This is separate from Wireless Charging, but Wireless Charging can take advantage of it.
  • Edge to Edge DisplayWhile Apple’s implementation of this screen seems edge to edge, it really isn’t. There is a small bezel around the display due to the way the case is designed. While it is probably the most edge to edge display we’ve seen in a phone to date, it isn’t the first. Samsung’s Galaxy Note 8 offered at least side to side edge to edge display and a reasonably small top and bottom bezel. Suffice it to say that what Apple has done is merely semantics. Now, if Apple hadn’t added that questionable brow covering 10% of the display, it might have been a small achievement.
  • Faster CPU, more RAM, faster overall performance — To be expected in any new release, though it will be outdated quickly

In fact, none of what has been included on the iPhone X is in any way newly created ideas by Apple. Apple is firmly playing catchup with the Joneses (or in this case, Samsung). Samsung has already produced phones with every single one of the technological advances that Apple has put into the iPhone X.

Fanboys might claim that the iPhone X is all new. No, it’s all nuances. Apple is simply catching up with existing technologies and ideas to improve their new phones (and I use the word improve loosely). There is nothing actually innovative about the iPhone X. In fact, from a design perspective, it’s probably one of the ugliest phones Apple has yet produced. The brow seals that fate. If there were such Razzie awards for design, Apple would win it for 2017.

iPhone 8

This is one of those things that always irks me about Apple. That they’re releasing the iPhone 8 at all is a bit of a mystery. If you’re introducing a new phone, why keep this line of phones at all? Bet the bank on the new model or don’t do it. This is what Apple has always done in the past. That Apple is now hedging its bets on two different models seems a bit out of ordinary for a company that has typically bet the bank on new ideas. I guess Apple is getting conservative in its old age.

Other than wireless and fast charging introduced into the iPhone X, nothing else has trickled its way into the iPhone 8. Effectively, the iPhone 8 is simply a faster iPhone 7 with Qi wireless and fast charging support.

Let’s talk about wireless and fast charging a little here. While the iPhone 8 is capable of both wireless and fast charging, it won’t come with it out of the box. In fact, Apple’s fast wireless charging pads won’t be released until sometime (probably late spring) 2018. While there are other Qi Wireless chargers you can buy now, these chargers won’t fast charge. Worse, the iPhone 8 still ships with the standard Lightning USB cable and standard speed charger. If you want fast charging, you’re going to need to invest in the extra accessories (cables and chargers) to get that faster charging performance. Until Apple releases its wireless charging pad, you can’t even get wireless and fast charging together. In addition to your phone’s cost, expect to dump an extra $100-200 on these accessories (several times if you want something now and then again when Apple releases its accessories).

Mac Computers

Just to reiterate the point of lack of innovation, I’ll bring up one more point. The MacBook and Mac line of computers has been so stagnant and so far behind the times, I’m not even sure Apple can catch up at this point. While every other non-Apple notebook on the market (even the cheapest, smallest model) now includes a touch display, Apple continues to ship its Mac computers without touch surfaces in defiance of that trend. There’s a point where you have to realize that touch surfaces actually are a necessity to computing. The ironic thing is, we have Apple to blame for this dependency by Apple introducing the original iPad.

Yet, Apple’s stubborn stance on introducing touch displays on the Mac has actually become a sore point with these devices. Apple, lose your stubbornness and finally release touch friendly MacBook computers at the very least. Though, I’d like to see touch screens on every Mac computer. You’ve had Spotlight on the MacOS X for years now (the first step towards touch displays), yet here we are with one computer that has a Touch Bar. The Touch Bar is such a non-innovation as to be a step backwards.

Let’s just get rid of the worthless Touch Bar and finally introduce Macs with touch displays, which is what we want anyway. Since we’re playing catchup, let’s finally catch the Mac line up to every other non-Apple notebook.

Apple’s Worms

It’s clear, Apple has lost its innovative ways. Apple is now relying entirely upon existing technologies and ideas, firmly throwing together half-assed ideas and calling them complete. The iPhone X idea should have been tossed before it ever saw the light of day. Had Jobs been alive to see it, the iPhone X idea would have been tossed out the window in lieu of a new idea.

Additionally, Apple’s technology ideas across its product lines are entirely fractured:

  • The iPhone ships with Lightning connectors, but no other non-mobile computing device in Apple’s line up supports Lightning
  • The iPhone has removed the 3.5mm headphone jack for no other reason than, “just because”
  • New Macs now ship with USB-C, yet none of Apple’s mobile devices support this standard
  • USB-C Macs require dongles because none of Apple’s accessories support USB-C (other than the converter dongles)
  • The Apple Watch has no direct integration with the Mac. It only integrates with a single iPhone.
  • Apple ships Lightning headphones and those can only be used with the iPhone line, not Macs
  • Macs still fail to support touch displays
  • Macs still ship with 3.5mm headphone jacks
  • Apple’s magsafe adapters were amazingly innovative to supply power to the system, yet have been tossed out in lieu of the inferior USB-C connector
  • The iPhone and Mac are only half-assed integrated with each another. The best we get is USB connections and Airdrop. The Universal clipboard only works about half the time and even then it’s not always useful depending on copied content. The single app that works quite well is iMessage. In fact, the entire reason this integration works at all is because of iCloud.

Innovation is about putting together ideas that we’ve never before seen and that take risks. It’s about offering risky ideas in creating devices that offer the potential of changing the game entirely. There’s absolutely nothing about the iPhone X that’s a game changer. Yes, I do want an iPhone with an OLED display because I want the super high contrast ratio and vibrant colors. If that had been available on the iPhone 8, I’d probably have upgraded. For now, there’s no reason to upgrade from any of Apple’s most recent products. Wireless charging just isn’t enough. A hobbled OLED display is just not worth it.

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How to protect yourself from the Equifax breach

Posted in botch, business, security by commorancy on September 11, 2017

Every once in a while, I decide to venture into the personal financial security territory. This time, it’s for good reason. Unfortunately, here’s a topic that is fraught with peril all along the way. It also doesn’t help when financial linchpins in the industry lose incredibly sensitive data, and by extension, credibility. Let’s explore.

Target, Home Depot and Retailer Breaches

In the last few years, we’ve seen a number of data breaches including the likes of Target and Home Depot. While these breaches are severe problems for the companies, they’re less problematic for the consumer in terms of what to do. As a consumer, you have built-in protections against credit card fraud. If a thief absconds with your number, your liability is usually limited to around $50, but that also depends on the card… so read your fine print.

With the $50 you might have to pay, the inconvenience to you is asking your credit card company to issue you a new card number. This request will immediately invalidate your current card number and then you have to play the snail mail waiting game for a new card to arrive. That’s pretty much the extent of the damage with retailer like Target or Home Depot.

No one wants to go through this, but it’s at least manageable in time… and you can get back on with your life. For breaches like Equifax, this is a whole different ball game, let’s even say, a game changer. Breaching Equifax is so much more than a simple credit card inconvenience.

Credit Reporting Agencies and Breaches

With Equifax breached, this is really where the government needs to step in with some oversight and regulations. What your social security number is the the government, your credit reporting file is to your personal financial health. This breach is a dangerous game… and worse, Equifax is basically taking it lightly, like it’s no big deal. This is such a big deal, you will absolutely need to take steps to make sure your data is secure (and even then, that only goes so far).

First, I’ll discuss what this breach means to you and how it might affect you. Second, I’ll discuss what you can do to protect yourself. Let’s start with some basic information.

There are 3 primary credit reporting agencies (aka credit bureaus):

  1. TransUnion
  2. Experian
  3. Equifax

Unless you’ve never had a credit card, you probably understand what these businesses do. I’ll explain for the uninitiated. These agencies collect and report on any outstanding credit card or revolving lines of credit you currently have. If you have a mortgage, these entities know about it. If you have a credit card (or many), they know. They also know lots of other data (i.e., previous and current address), what loans you’ve had in the past, what bank accounts you have, what balances are on your outstanding lines of credit, any collections activities and the list goes on and on. It also lists your birth date, social security number and full credit card numbers and account numbers.

Based on all of your credit lines, how well you pay and so on, these companies create a FICO credit score. This score determines how low of interest rates you’ll receive on new loans. These companies are not only a bane to actually exist, but they are your lifeline if you need new credit. Even just one blemish on your record can prevent you from getting that loan you need to buy your new house or new car. Without these linchpin companies, lenders wouldn’t be able to determine if you are a good or bad credit risk. Unfortunately, with these companies, consumers are at the mercy of these companies to produce accurate data to lenders (and to protect that data from theft)… a task that Equifax failed to do.

What did Equifax lose?

Equifax lost data for 143 million record holders. While that number may seem small, the damage done to each of those 143 million record holders will eclipse the damage produced by Target and Home Depot combined. Why? Because of how these credit reporting agencies actually work.

Equifax (and pretty much all of these credit reporting agencies) have flown under the radar in what they do. If you go to a car dealer, find a car you want and fill out loan paperwork, that dealership will pull a credit report from one or more of these agencies. Your credit report will contain a score and all loans currently outstanding. It also shows how well you pay your loans, any delinquencies in the past and other financial standing metrics. This credit report will be the basis of whether you get a loan from the car dealership and what what interest rate.

Hackers had access to this data between May and July of 2017. The hack was found on July 29th, but not reported to the public until September 8th. That’s over a month that Equifax sat on this news. It’s possible that they were requested by law enforcement to hold the announcement, we just don’t really know.

What was lost?

According to the Washington Post:

Hackers had access to Social Security numbers, birth dates, addresses, driver’s license numbers, credit card numbers and other information.

According to the New York Times:

In addition to the other material, hackers were also able to retrieve names, birth dates and addresses. Credit card numbers for 209,000 consumers were stolen, while documents with personal information used in disputes for 182,000 people were also taken.

Those dispute documents being PDFs of bills, receipts and other personally identifying information. I’ve also read, but have been unable to find the corresponding article, that the hackers may not have had access directly to the credit report database itself, but only to loose documents in a specific location. However, even with that said, do you really trust Equifax at this point? I certainly don’t.

Why is this such a big deal?

Because the credit reporting agencies have played it fast and loose for far too long. They make boat loads of money off of each credit report that’s pulled. If you pay $50 as part of the loan process to pull your credit report, the dealership will keep part of that money and the rest goes to Equifax. Because many loans applications are processed every day, some credit reporting agency is making money. Making money isn’t the problem, though.

These agencies will pull a report for anyone willing to spend money. This includes people with stolen credit cards. However, that only gets thieves so far before being caught. Instead, breaking into computers at the agency allows them to not only pull credit reports for anyone who has a record, they can get access to lots of sensitive information like:

  • Social Security Numbers
  • Birth Dates
  • Addresses
  • Places of employment
  • Home Addresses
  • Credit card numbers
  • Dispute Documents
  • Etc..

Basically, the thieves may now have access to everything that makes up your identity and could steal your identity and then attempt to divert bills away from your house, create new cards, and do other things that you may not be able to see. If they managed to get access to your credit report, they can open cards out the wazoo. They can charge crap up on those cards. And, they can perform all of this without your knowledge.

Credit Monitoring

You might be thinking, I’ll set up a credit monitoring service and have the credit reporting service report when activity happens. Even that, while only somewhat effective is still subject to being breached. If the thieves have access to all of your identity information, they can request the credit reporting service to do things like, reissue passwords to a new email address and send sensitive reports to a bogus address. These thieves can even undo security setups like a credit freeze and reassign all of that information to their own address. You won’t see or even know about this unless you regularly check your credit reports.

This problem just barely peeks into the can of worms and doesn’t even open it fully. There are so many things the thieves can do with your identity, that by the time you figure it out, it could be far, far too late. So, don’t think that signing up for credit monitoring is enough.

Sloppy Security Seconds

In fact, it wasn’t seconds, it was almost 2 months before the breach was known to the public. A move that not only shows complete disregard for 143 million people’s financial security from a company who should be known for it, Equifax doubled down by creating a lead generation tool in their (ahem) free TrustID tool. Keep in mind that that TrustID tool is only (ahem) free for one year, after that you pay. Though, protecting against new account creation is only half the problem. The other half to which TrustID can’t help is protecting your existing accounts. Because credit reports contain every account and every account number you own, if your data was compromised (and with 143 million accounts worth of data lost, it’s very possible), you need to do so much more.

Even the Security Checking Tool (which was questionably put up on a brand new created domain???) seems to have been a sham and had its own share of SSL certificate problems leading to some browsers showing the site as a scam. Some Twitter users have entered bogus data… and, this checking tool seems to have stated this bogus data was included in the breach. The question is, does that tool even work or is it merely security theater? Yet another black eye in among many for Equifax’s handling of this data breach. To wit…

and then this tweet…

To sign up for Equifax’s TrustID premium service, you have to enter even more personally identifying data into a form of a company that has clearly demonstrated they cannot be trusted with your data. Why would anyone do this? Seriously, signing up for a service with a company who just lost a bunch of information? No, I think not. Instead, Equifax should be required to pay victims for a monitoring service with either TransUnion or Experian (where breaches have not occurred.. yet).

On top of entering even more personal information, the service requires you waive your right to lawsuits against Equifax and, instead, requires binding arbitration. Yet another reason not to sign up.

It’s not as if their credit monitoring service is really going to do you a whole lot of good here. If you really do want a credit monitoring service, I’d suggest setting it up with Experian or TransUnion instead. Then, figure out a way to get Equifax to pay you back for that service.

Can’t I reissue credit card numbers?

While you can do this, it won’t protect you fully. The level of what the thieves can potentially do with your data from Equifax goes much deeper than that. Yes, changing the numbers will help protect your existing cards from access. However, it won’t stop thieves from opening up new accounts in your name (and this is one of the biggest problems). This is why you also need to set up a credit freeze.

Because the thieves can now officially pretend to be you, they can do such things as:

  • Pretend to be you on the phone
  • Call in and request new pin codes based on key identifying information (address, SS#, phone number, etc)
  • With your old address, they can then transfer your bills to a new address
  • They can reissue credit card numbers to that new address

You’re probably thinking, “What about the security measure my bank uses? Won’t that protect me?” That depends entirely upon how convincing the thief can be over the phone. If they can answer all of your identity information and find a representative who can bypass some of the banks security steps, they can get a foot into the door. That’s all it takes for them to basically take over your credit accounts… which is one step away from potentially hijacking your bank accounts. A foot in the door is enough in many institutions to get the ball rolling towards full hijacking.

How do I protect myself?

If your data was involved in the breach (unfortunately, the tool that Equifax provides is sketchy at best), the three bare minimum things you should do are

  1. Contact one of the three credit bureaus and ask for a free 90 day fraud watch
  2. Contact all three and ask for a credit freeze on your records at each credit reporting agency
  3. Set up credit monitoring at TransUnion or Experian

The 90 day fraud watch means they will need to let you know when someone tries to do anything with your credit report. However, this watch is only good for 90 days and then expires. The good thing about requesting this watch is that you only have to do it at one bureau. All three will receive this watch request from your contact with one of them. The bad thing is, 90 days is not nearly long enough to monitor your credit. In fact, the thieves will expect the 90 day fraud watches, wait them out, then go after it hard and heavy after these begin expiring.

A freeze, on the other hand, lasts until you unfreeze. A freeze puts a pin code on your credit record and that pin is require each time a company needs to pull a copy of your credit report. This will last far, far longer than a 90 day watch and serves to stop the thieves in their tracks. To freeze your records, you will need to contact all three separately and perhaps pay a fee of $5-10 depending on where you live.

Setting up credit monitoring means you can be alerted to whenever anything changes on your credit report. But, credit monitoring won’t stop the changes from occurring. Meaning, you’ll be alerted if a new card is opened, but the monitoring service isn’t a preventative measure.

You can contact each bureau as follows to set up any of the above services, including a credit freeze (links below):

  1. Equifax or call 1-800-349-9960
  2. TransUnion or call 1-888-909-8872
  3. Experian or call 1‑888‑397‑3742

Neither a fraud watch nor a credit freeze will impact your credit score. A freeze simply prevents any business from pulling your credit report without having your pin code. Companies for which you already do financial business or have loans established can still pull reports as needed. However, any new loans will be required to have your security pin code.  You can learn all about the details of a credit freeze at this FTC.gov web site.

Unfortunately, because the breach may have been more extensive than it appears, a thief can now contact the credit bureaus over the phone, pretend to be you and have any pin codes removed and/or reissued. Then, gain control over your credit records. This is why this breach is so treacherous for consumers. You need to be on your guard, vigilant and manually monitor your credit report for at least the next 12 months regularly. This is the part no big box media site is reporting. Yes, this is a very treacherous landslide indeed that is at work. Even if you do all of the protections I mention above, thieves can still subvert your financial records for personal gain by knowing your key personally identifying information.

How do I stop the thieves?

This is the fundamental problem. You can’t, at least not easily. To truly protect yourself, the scope of changes would include all of the following:

  1. Get a new social security number
  2. Reissue all of your credit card and debit card numbers
  3. Open new bank accounts, transfer your money into the new accounts
  4. Close the old bank accounts
  5. Reissue new checks
  6. Change your telephone number
  7. Move into a new address (or obtain a P.O. Box and send your bills there)
  8. Legally change your name
  9. Change all of your passwords
  10. Change all of your email addresses
  11. Set up multifactor authentication to every financial app / site you log into that supports this feature.

Unfortunately, even doing all of the above would still mean the credit bureaus will update your credit report with all of this new data, but your prior history would remain on the report… possibly up to and including all of the old account, name and address information. It is very, very difficult to expunge anything from a credit report.

In addition to the above, I’d also suggest closing any credit lines you don’t regularly use. If it’s not there, it can’t be exploited. None of this is a magic bullet. You just have to wait it and shut the thieves down as things materialize. Being diligent in watching your credit report is the only way to ensure you nip things in the bud early.

Tidal Waves and Repercussions

It is yet unknown the extent of their breach or the extent to which each consumer may have to go to protect themselves from this deep gash in the financial industry. Not only does this gash now undermine each account holder’s personal financial well being, it undermines the credibility of the very industry holding up the world’s economy. This is some serious shit here.

If half of the US’s residents are now available to identity thieves, those organizations who help protect the small amounts of identity theft throughout a normal year cannot possibly withstand a financial tidal wave of identity theft paybacks which could seriously bankrupt many credit organizations. In fact, if this tidal wave is as big as I suspect it could become, we’re in for some seriously rough financial waters over the next 6-12 months. By the time the holidays roll around, it could be so bad, consumers cannot even buy the goods needed to support the holiday season. Meaning, this could become such a disruptive event in the US’s financial history, many businesses could tank as a side outcome of consumers not being able to properly spend money during the most critical season of the year.

This has the potential to become one of the most catastrophic financial events in US history. It could potentially become even more disruptive than the 1939 stock market crash. Yes, it has that much potential.

Since I have no reason to believe that Equifax has been totally honest about how much data has actually been lost, this is the reason for this level of alarm. I’d be totally happy if the amount of data lost was limited to what they have stated, but the reality is, nothing is ever as it seems. There’s always something deeper going on and we won’t find that out for months… possibly at the point where the economy is hit hard.

Equifax Aftermath

Because the US is so pro-business, Equifax will likely get a slap on the wrist and a warning. Instead, this company should be required to close its doors. If it is not providing adequate data security measures to protect its systems, then it needs to shut its doors and let other more capable folks handle this business. This sector is far too critical of a service and that data too risky if lost to allow flippant companies like Equifax to continue to exist in that market.

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