- As surprising as it might sound, victims of the Equifax data breach from back in 2017 still haven’t received their share of the $700 million Equifax settlement with the FTC yet.
- Be that as it may, however, the credit reporting agency has gone ahead and reached a $5.5 million agreement to pay banks that issued credit cards that were identified in the Equifax hack.
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A cruel twist of irony has emerged as a kind of coda to the major 2017 Equifax data breach that resulted in hackers nabbing more than 200,000 payment card numbers and expiration dates and Equifax agreeing to a $700 million settlement with the FTC.
The original plan had been to offer victims of the data breach up to $125 as part of the settlement, along with an alternate offer of free credit monitoring. However, the portion of that $700 million dedicated to the direct cash payments to victims only totaled $31 million, and there were so many victims that the kitty quickly ran dry. But while plenty of victims have come up short in the Equifax settlement, banks (big surprise) are still getting paid — to the tune of $5.5 million.
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Equifax is paying $5.5M to banks, but nothing to victims of the 2017 data breach originally appeared on BGR.com on Thu, 21 May 2020 at 21:09:31 EDT. Please see our terms for use of feeds.
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