June 20 marked the fifth anniversary of the massive data theft at Desjardins, but also the end of the free Equifax membership that victims were entitled to for five years.
Equifax’s service offered beneficiaries an “alert” in the event of identity theft or a data breach, such as the situation with Desjardins. “There is not a huge amount of protection,” explains Eva Technologies CEO and cybersecurity specialist Éric Parent.
For example, if someone opened a new bank account or applied for credit in your name, an entry would be made in your file. So, Equifax’s service would allow an alert to be sent by email or in the online file.
However, Mr. Parent notes that it is “painful” to delete this entry in your file, as it can take between six months and one year before finalizing the “clean-up,” he says.
Indeed, you have to call Equifax and prove that “you are not the one who mandated a new credit,” justifies Mr. Parent. “In the event of identity theft, there is an impact on the credit score and Equifax cannot really help in this context,” he continues.
Receiving the Equifax alert gives a “feeling that something is being done,” but it “is not a huge protection,” assures the cybersecurity specialist.
For Mr. Parent, “it’s unfortunate” to know that the only protection that Quebecers have had in this type of situation is Equifax. “It’s a service that we’re going to subscribe to and we’re going to wait until the damage has already been done and then we’re going to try to resolve the problem,” he concludes.
Watch the full interview above.
Desjardins Data Breach: Equifax Free Membership Ends, Leaving Victims Vulnerable
On June 20, 2023, the fifth anniversary of the massive data theft at Desjardins, marked the end of the free Equifax membership that victims had access to for five years. This membership offered a valuable service that provided alerts in the event of identity theft or data breaches, like the one experienced at Desjardins.
Equifax Free Membership: A Limited Safety Net
While the Equifax membership provided some peace of mind, it was not a foolproof solution for protecting once morest the repercussions of the Desjardins data breach. Cybersecurity specialist and CEO of Eva Technologies, Éric Parent, highlights the limitations of this service.
“There is not a huge amount of protection,” explains Parent. The service essentially acts as an alert system, notifying you if someone opens a new bank account or applies for credit in your name. This notification arrives via email or within your online Equifax account.
The Painful Process of Recovering Stolen Identities
However, Parent underscores the challenging process of rectifying these fraudulent entries. “It is painful to delete this entry in your file,” he states, adding that it can take between six months and a year to complete the “cleanup” process.
Victims are required to contact Equifax directly and provide evidence that they are not the ones who authorized the new credit. This process can be lengthy and frustrating, especially considering the potential impact on credit scores. Parent emphasizes that “Equifax cannot really help” in the event of identity theft, which can lead to significant financial and emotional stress.
A False Sense of Security?
Equifax’s free membership, while helpful in providing alerts, ultimately offers “a feeling that something is being done” rather than substantial protection, according to Parent. It provides a false sense of security without addressing the root cause of the problem.
Limited Protection: A Cause for Concern
Parent expresses his disappointment with the limited options available to victims of the Desjardins data breach. “It’s unfortunate” that the only protection offered to Quebecers in this situation was the Equifax service, he states. He criticizes the reliance on a service that “we’re going to subscribe to and we’re going to wait until the damage has already been done and then we’re going to try to resolve the problem.”
Beyond Equifax: Building Stronger Protection
The end of the free Equifax membership underscores the need for comprehensive and proactive solutions to protect individuals from data breaches and identity theft.
Here are some steps you can take to strengthen your online security:
Strengthen Your Passwords
- Use strong, unique passwords for all your accounts.
- Consider using a password manager to help you generate and store secure passwords.
Enable Two-Factor Authentication
- Enable two-factor authentication whenever possible to add an extra layer of security to your accounts.
Be Vigilant About Phishing Emails
- Be cautious of suspicious emails and avoid clicking on links from unknown senders.
- If you receive an email that seems suspicious, contact the company directly to verify its authenticity.
Monitor Your Credit Reports Regularly
- Check your credit reports from all three major credit bureaus (Equifax, Experian, and TransUnion) on a regular basis.
- Look for any unauthorized inquiries or accounts that you don’t recognize.
Protect Your Personal Information
- Be mindful of the information you share online, especially on social media platforms.
- Avoid sharing sensitive information like your social security number or birth date on public websites.
Consider Monitoring Services
- Explore subscription-based credit monitoring services to help you detect and prevent identity theft.
By taking these proactive steps, you can significantly reduce your risk of falling victim to data breaches and identity theft, and ensure that you are well-prepared to protect yourself in the digital age.
The end of the free Equifax membership for Desjardins data breach victims serves as a reminder of the importance of personal cybersecurity and the need for robust protection measures.
