The recent hack of the credit monitoring company Equifax and the exposure of sensitive information of 143 million Americans will be “disastrous” for the credit industry, and therefore the economy.
Modern capitalism is based on credit and debt, more so than on capital, and is a work in progress.
As more people get spooked by credit fraud and have their credit frozen, to stop their Social Security numbers and other sensitive information get passed on to the hands of online fraudsters, their actions will reduce economic activity.
According to Republican candidate for Idaho’s First Congressional District, Michael Snyder,”If this data breach was an earthquake, we would be talking about a magnitude-10.0 on the identity theft scale.“
Equifax has a lot to answer for, says Snyder. Among other things, why did they hire a music major as the chief security officer and then tried covering it?
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