'Monopoly Man' Mocks Equifax CEO While Warren Demands Answers on Security Breach

IRS awards fraud-prevention contract to Equifax, source of massive data breach

"Equifax did a awful job of protecting our data, because they didn't have a reason to protect our data".

"The breach of your system has actually created more opportunities for you", Warren said to Smith, noting that, for instance, Equifax is offering one year of free credit monitoring to consumers, but after that, people will have to pay to keep the service. It was the second congressional hearing in as many days where Smith has attempted to explain the scandal that occurred at one of the three main credit reporting companies. It also said that the methods and tools used by the attackers did not match those of others of which it was aware.

He and other lawmakers demanded that Smith give a detailed explanation of how the Equifax hack took place. Smith notified the board's lead director on August 22.

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Late Monday, Equifax said an independent review had boosted the number of potentially affected US consumers by 2.5 million to 145.5 million. But he said, "I don't think I can pass a law that, excuse me for saying, fixes stupid".

Smith, who stepped down last week, repeatedly apologized to the members of the House Energy and Commerce Committee - and the American people - for the security lapse. He said the company had also put into action a plan to ensure it had enough staff to handle calls and created a website for consumers before the breach was made public. "At this time, we have seen no indications of tax fraud related to the Equifax breach, but we will continue to closely monitor the situation", said the IRS in a statement. "How does this happen?' Walden said".

Rich Uncle Pennybags, commonly known as the mascot from the classic board game Monopoly, showed up on Capitol Hill today to troll Equifax, a corporation whose negligence caused a massive data breach putting the personal credit information of over 100 million individuals up for grabs. Also, the company is now under investigation by the Department of Justice, the FBI and the Federal Trade Commission. The Associated Press has pointed out the historical narrative that tends to play out after every major breach in recent years, including those at Target, Home Depot and Yahoo, which announced Tuesday that all 3 billion of its accounts were affected by a 2013 hack.

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