IRS awards Equifax $7.25 million contract to prevent fraud

IRS awards Equifax $7.25 million contract to prevent fraud

IRS awards Equifax $7.25 million contract to prevent fraud

But he also sought to play down the severity of the problems that had led to the breach, defended the company's response to the crisis and deflected questions about how far Equifax would go to compensate consumers who were financially harmed.

Smith offered a fresh apology for the attack, saying in his statement: "As CEO I was ultimately responsible for what happened on my watch".

"Equifax deserves to be shamed in this hearing but we should also ask what Congress has done or failed to do to stop data breaches from occurring", she said. By the end of the week, Smith will have testified in four congressional hearings.

Barton said it's time "some teeth" be imposed on the federal level, possibly by requiring credit agencies to pay consumers when their accounts are hacked.

While millions of additional US consumers may have been affected by the breach, the review found no evidence that hackers accessed databases outside the USA, which nixes previous estimates that as many as 100,000 Canadian citizens had been impacted.

The total number of people involved may now be as much as 145.5 million. The contract stated that Equifax was the only company capable of providing these services to the IRS, and it was deemed a "critical service that can not lapse".

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But Smith insisted, to the best of his knowledge, the executives who sold stock with Kelly's OK were unaware that any suspicious activity involving the potential compromise of company-held consumer information was under investigation. The company also said it would update its own notification for people who want to check if they were among those affected by October 8. "We can't pass a law that fixes stupid".

According to Equifax, only about 8,000 Canadian customers were affected as a consequent of the high-profile breach of their cyber data. Debbie Dingell (D-Mich.) said in the hearing, according to The Los Angeles Times. "It's like the guards at Fort Knox forgot to lock the doors and failed to notice thieves emptying the vaults".

Smith explained to a subcommittee of the House Energy and Commerce Committee that hackers were able to get into Equifax's data because of a "human error".

Smith faces another round questioning from members of Congress on Thursday morning when he is scheduled to appear at 9:15 a.m. before the House Financial Services Committee. Credit freezes-which have been widely recommended in the wake of the Equifax breach as a way to prevent identity theft-typically cost between $3 and $10, and fees are also charged anytime a customer wants to lift or reinstate a freeze.

Ohio Sen. Sherrod Brown, the committee's top Democrat, said consumers should have expected their most private information would have state-of-the-art protections.

"I don't think this is resolved", said Rep. Anna Eshoo.

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