Equifax is giving software a bad name. First there was the huge database breach of the company in the Fall of 2017 (see: Massive Equifax Data Breach Could Affect Half of the U.S. Population). Not only was this a major database security mishap but the company did not endear itself to consumers in terms of the remedies proposed to correct the problem. It also brought to light the fact that some big and often anonymous companies like Equifax can be the cause of many bad days for consumers through no fault of their own. Now comes news that the company has released a faulty app that is designed to allow consumers to lock access to their credit files from a mobile phone but doesn't seem to work (see: New Service, Same Old Equifax: Credit Locking App Freezes Up Your Money). Below is an excerpt from the article. Its long and detailed and refer to it for a more comprehensive view of the problem.
Amid that mess [of the security breach] came a promise from Equifax that it would create a simple app that allowed people to “lock” their credit files without all the hassle and without a fee....It was supposed to be simple: You download the app and swipe the lock to the right, which restricts access to your file. [There were multiple problems with the app.]....That’s when we told Equifax. About 90 minutes later, a spokeswoman said the company had identified the issue and resolved it. Except that it hadn’t. The locking mechanism still wouldn’t lock. A company spokeswoman said Equifax had not experienced widespread issues with the service, but, as with any new product, there had been isolated problems they were working to resolve.....Equifax’s new app offers a lock instead of a freeze. Locks works similarly to freezes — both restrict access to your credit file — but it should be easier to unlock your credit file since you can do it from your phone with a swipe, and doesn’t require a 10-digit pin or a fee. What is not clear, however, is what disadvantages may come with locks. Many state laws exist that govern freezes, offering consumers protection. By creating locks, the companies avoid them.....So, after I tried to lock my husband’s file five times with no luck, I changed course and obtained what we’ve been telling people to get for years: a freeze. It took all of a minute on Equifax’s website. Maybe in a year or two, Equifax will have its act locked up once and for all.
What I find most interesting about Equifax is that it's both a record storage and a software company with enormous responsibilities and potentially huge liabilities, almost all of it outside of the control of consumers. And in spite of its importance, it seems to lack basic expertise in its core businesses. I am sure that it's not alone in this regard compared to similar companies but it has certainly vaulted into the eye of the public with disastrous results. Get ready to hear similar stories like this in the future. Hospitals come to my mind as institutions that acts as stewards for critically important data but may be relatively incompetent in terns of data security. For example, hospitals seem to be one of the major targets for ransomware attacks (see: WHY HOSPITALS ARE THE PERFECT TARGETS FOR RANSOMWARE).
Comments