Talk about a nightmare. It is being reported that criminals were able to hack into Equifax and make off with the credit information of 143 million Americans. We are talking about names, Social Security numbers, dates of birth, home addresses and even driver’s license numbers. If this data breach was an earthquake, we would be talking about a magnitude-10.0 on the identity theft scale. We have never seen anything like this before, and to say that this will be “disastrous” for the credit industry would be a massive understatement.

What really disturbed me about this story is that this hack reportedly occurred between “mid-May and July of this year”…

Credit monitoring company Equifax has been hit by a high-tech heist that exposed the Social Security numbers and other sensitive information about 143 million Americans. Now the unwitting victims have to worry about the threat of having their identities stolen.

The Atlanta-based company, one of three major U.S. credit bureaus, said Thursday that “criminals” exploited a U.S. website application to access files between mid-May and July of this year.

So why didn’t we learn about this until September?

Somebody out there really needs to answer that question for us.

And even though the “143 million” number is being thrown around constantly, according to USA Today we may never know the true number of victims…

When asked if there’s a way to quantify how many people have been harmed, John Ulzheimer, a credit expert and former employee at Equifax and credit score firm FICO, said: “There’s no way to know, and there may never be a way to know.”

Personally, I don’t see how Equifax can possibly survive after this. Their stock price is already crashing, and now it has come out that they had put a “music major” in charge of data security…

When Congress hauls in Equifax CEO Richard Smith to grill him, it can start by asking why he put someone with degrees in music in charge of the company’s data security.

And then they might also ask him if anyone at the company has been involved in efforts to cover up Susan Mauldin’s lack of educational qualifications since the data breach became public.

It would be fascinating to hear Smith try to explain both of those extraordinary items.

Also, we are now finding out that Equifax has not just had security problems here in the United States.

According to the New York Post, data breaches have been taking place all over the globe…

Hackers had access to the names, dates of birth and e-mail addresses of nearly 400,000 people in the United Kingdom, said Equifax’s British subsidiary in a statement last week.

In Canada, sensitive data belonging to 10,000 consumers may have been hacked in the breach, said a statement from the Canadian Automobile Association.

In Argentina, one of the company’s portals was so easily accessible that it allowed quick exposure to the personal information of more than 14,000 people.

As noted above, the public didn’t learn about any of this until September.

But once top Equifax officials learned what had happened, some of them started dumping their shares of Equifax very rapidly…

Three Equifax executives — not the ones who are departing — sold shares worth a combined $1.8 million just a few days after the company discovered the breach, according to documents filed with securities regulators.

Equifax shares have lost a third of their value since it announced the breach.

Needless to say, the SEC is going to be looking into this very closely.

As we move forward, there is a tremendous amount of concern as to how much this data breach will affect the U.S. economy.

Only time will tell, but without a doubt it will have an impact. For example, according to Bloomberg this data breach could potentially have an absolutely disastrous impact on store-branded credit cards…

Equifax Inc.’s massive data breach could make an already tough market outlook even more daunting for the firms behind Gap Inc.’s and Ann Taylor’s store-branded credit cards.

Those retailers’ banking partners, including Synchrony Financial and Alliance Data Systems Corp., could see fewer account originations as more consumers freeze their credit to avoid hack-related fraud. Consumers have to take extra steps — including calling the credit bureau, going online or paying fees — to lift a block and get a new card.

“If people are defaulting to credit freezes, then if you’re a Macy’s retailer trying to sell credit cards, you can’t get that done at the point of sale,” said Vincent Caintic, an analyst at Stephens Inc. “It could become a regular thing, these freezes. It does slow down the origination process and it’s probably going to increase acquisition costs.”

If you believe that your data may have been compromised in this breach, there are some things that you can do right away to help protect against identity theft. You can sign up for 24 hour a day credit monitoring, you can request fraud alerts, you can enable “two factor authentication” and beyond all of that you could go as far as to freeze your credit.

But if everybody in America suddenly started freezing their credit, that would slow down economic activity dramatically. So needless to say authorities are hoping that does not happen.

In this case, Equifax needs to step up and do the right thing. They need to inform all of the victims (even if that means reaching out to 143 million different people), and they should automatically provide free credit monitoring for all of those that were affected.

I seriously doubt that Equifax will take these measures, and I also seriously doubt that Equifax will be able to survive much longer.

When you bungle something as badly as Equifax has done, it is nearly impossible to restore faith in an organization. The credit information of 143 million Americans is now in the hands of criminals, and the potential damage that could be done is absolutely off the charts.

Michael Snyder is a Republican candidate for Congress in Idaho’s First Congressional District, and you can learn how you can get involved in the campaign on his official website. His new book entitled “Living A Life That Really Matters” is available in paperback and for the Kindle on Amazon.com.


(The Economic Collapse)

TYRANT dictator Kim Jong-un has taunted Donald Trump boasting "America's fate is in hands of North Korea" by vowing to turn US into a "sea of flames".

The threat came just a day after the North carried out yet another successful ballistic missile over Japan claiming America is now in "mortal fear" after proving it has the military power to strike US territory.

REUTERS

REUTERS

A spokesman for NK's ruling party said: "Through the two successful ICBM test-launches the DPRK has put the whole U.S. mainland in its striking range and clearly showed that it can turn the American empire into a sea in flames through sudden surprise attack from any region and area.

"Whatever means and methods the U.S. may employ, they will never work on the DPRK. The U.S. fate is in the hands of the DPRK.

"If the US and south Korean warmongers persist in reckless action in disregard of our repeated warnings, we will decisively take a strong retaliatory step."

Meanwhile, an editorial run in one of Korea's state-run newspapers described the US as a "war merchant living on human blood," while the official newspaper said the US "would meet horrible nuclear strike and miserable and final ruin" in the event of an attack.

Footage released on North Korean TV yesterday captured the launch of an intermediate range Hwasong-12 which is capable of reaching the US island of Guam.

Images of the Kim Jong-un were released showing him gleefully watching the missile test.

The brash North Korean tyrant boasted of his "shining victory" and vowed that his final goal is "equilibrium of real force with US".

REUTERS

REUTERS

The rocket, believed to be a intercontinental ballistic missile (ICBM), flew for about 19 minutes over a distance of about 2,300 miles - far enough to reach the U.S. Pacific territory of Guam, which is 2,100 miles from North Korea.

Japan warned its residents to "duck and cover" as furious Americans vowed an "ironclad" response to Pyongyang's latest military test.

Now in a typically unrepentant statement from North Korea, they bragged their military display was met with "admiration", not condemnation.

REUTERS

Pictures released yesterday by the country's Korean Central News Agency show Kim and officials watching and then celebrating the launch of a Hwasong-12 missile.

"People from across the world have expressed admiration at the DPRK's bold pluck and great potentiality," claimed the NK state media.

"Media of many countries are zealously reporting about the DPRK's nuclear attack capability, which has reached the high level able to ensure the accuracy and freely control the striking power according to targeted object and purpose, and about the failure of the US policy toward the DPRK.

EPA

"The DPRK has won a shining victory in the standoff with the U.S.

"Now no one can disregard the immense national strength and potentiality of the DPRK and deny its strategic position as a responsible nuclear weapons state with a great clout.

"The U.S. has tightened sanctions and blockade by mobilising its vassal forces to stifle the DPRK. But it could not check the advance of the army and people of the DPRK.

"The U.S., styling itself as a superpower while boasting of its strength before other big powers, is in mortal fear of the DPRK."

Japan's defence minister Itsunori Onodera said he believed North Korea has the U.S. territory in mind with its recent nuclear missile tests. as he warned that "similar actions (by the North) would continue".

"We cannot assume North Korea's intention, but given what it has said, I think it has Guam in mind," he said.

Pyongyang has constantly threatened to hit the US Pacific territory - home to the Andersen Air Force Base - with missiles bringing "enveloping fire".

Physicist David Wright, of the Union of Concerned Scientists, said today: "North Korea demonstrated that it could reach Guam with this missile, although the payload the missile was carrying is not known" and its accuracy was in doubt."

The US Pacific Command confirmed the launch was an intermediate range ballistic missile (IRBM) but insisted it posed no threat to Guam or to the American mainland.

However, officials reiterated that Washington's commitments to the defence of its territories and allies remained "ironclad”.

South Korea's Defense Ministry said the country's military conducted a live-fire drill of a Hyunmoo-2 ballistic missile in response to the North's latest aggressive move.

AP:ASSOCIATED PRESS

Kim and his defiant state's act provoked wide-scale condemnation from Western powers as it was announced the UN Security Council would hold an emergency meeting today.

The missile flew over northern Japan and smashed down in the Sea of Japan about 2,000km to the east off Hokkaido.

Seoul said it was the 19th launch of a ballistic missile by North Korea this year.

SPLASH NEWS

SPLASH NEWS

The missile was the second to be sent over Japan by the hermit state in less than a month and the 19th test this year, according to Seoul.

After the launch, the South Korean military also carried out a live tank fire exercise along the Demilitarized Zone (DMZ) in Paju.

South Korea’s president has said the country possesses the power to destroy its northern neighbour “beyond recovery."

Moon Jae-in also said dialogue with the Kim was “impossible in a situation like this”, South Korea’s Yonhap news agency reported.

Mr Moon said: “In case North Korea undertakes provocations against us or our ally, we have the power to destroy [them] beyond recovery.

“Dialogue is impossible in a situation like this. International sanctions and pressure will further tighten to force North Korea to choose no other option but to step forward on the path to genuine dialogue.”

AP:ASSOCIATED PRESS

AP:ASSOCIATED PRESS

21

He added the country's military had been ordered "to prepare a stern measure that can effectively counter North Korea's increasing nuclear and military threats."

Moon also promised to closely analyse and prepare for new possible North Korean threats, like EMP (electro-magnetic pulse) and biochemical attacks.

Japanese Prime Minister Shinzo Abe and U.S. Defense Secretary Jim Mattis both called the ICBM launch a reckless act.

Mr Abe said: “The international community should unite against such conduct to send a clear message … The recent sanctions and resolutions must be fully complied with and implemented. That is now ever more clear.

“If North Korea continues to walk this road, there will be no bright future. We need to get North Korea to understand that."

GETTY IMAGES - GETTY

EPA

REUTERS

EPA

But Mr Suga said there's no evidence of any missile fragments landing on Japanese territory.

The US military said the missile did not pose a threat to its territory of Guam.

Australian Prime Minister Malcolm Turnbull was also quick to condemn the launch.

"This is another dangerous, reckless, criminal act by the North Korean regime, threatening the stability of the region and the world and we condemn it, utterly," he said in an interview with Sky News.

"This is a sign, I believe, of their frustration at the increased sanctions on North Korea, recently imposed by the Security Council. It's a sign that the sanctions are working."

Mr Turnbull later fronted the media, where he addressed whether further sanctions would increase the risk of attack on Japan.

"I don't accept that. The critical thing is to continue to apply economic pressure on North Korea to bring the regime to it senses," he said.

"Nobody wants to see a war on the Korean Peninsula. If Kim Jong-un were to start a war, to attack the United States or one of its allies, he would be signing a suicide note.

"That would be the end for his government and thousands and thousands of people would die. It would be a catastrophe and that is why it is vitally important to maintain this economic pressure on North Korea."

NATO Secretary General Jens Stoltenberg said the launch was "another reckless breach of UN resolutions" and a "major threat" to international peace and security "which demands a global response."

U.S. Secretary of State Rex Tillerson called on "all nations to take new measures" against North Korea after missile launch.

Tillerson added that "China and Russia must indicate their intolerance for these reckless missile launches by taking direct actions of their own."

"These continued provocations only deepen North Korea's diplomatic and economic isolation," he added.

China’s Foreign Ministry said this morning it also opposed North Korea’s use of ballistic missiles in violation of United Nations Security Council resolutions.

A spokesman for Russian President Vladimir Putin has warned the launch will cause a spike in regional tensions.

Dmitry Peskov told reporters that Russia "resolutely condemns" such moves and said that the missile test will "lead to the further growth of tensions and the further escalation of tensions on the (Korean) peninsula."

UN Secretary-General Antonio Guterres revealed talks on the crisis would be held on the sidelines of the General Assembly meeting next week.

Guterres called on the North Korean leadership "to cease further testing, comply with the relevant Security Council resolutions, and allow space to explore the resumption of sincere dialogue on denuclearisation," read a statement by his spokesman.

The UN leader "condemns the launch" and said he will be discussing the situation "with all concerned parties in the margins of the upcoming high level week of the United Nations General Assembly."

The hermit state had previously fired a Hwasong-12 intermediate range missile on August 29 which also overflew its Asian neighbours.

That also sparked emergency sirens and text alerts before it landed in the Pacific Ocean.

Seoul's defence ministry said both missiles were fired in Sunan close to the capital's international airport.

South Korea said the missile probably travelled around 3,700kms and reached a maximum altitude of 770kms - both higher and further than the previous device.

Friday's missile flew over Hokkaido in northern Japan "at around 07:06 am" according to the country's J-Alert system.

The launch came as Donald Trump revealed tonight he plans to visit South Korea, China and Japan in November.

Earlier Boris Johnson met Tillerson and vowed to punish tyrant Kim Jong-un for “defying the world”. Johnson later tweeted that the international community would stand up to despotic Kim.

The UK and U.S. said they would push for tougher oil sanctions to be imposed in a way to cause maximum pressure.

AP:ASSOCIATED PRESS

EPA

Kim's regime has now successfully tested two Hwasong-14 long-range rockets over the Pacific Ocean.

Its most recent nuclear test - the most powerful yet - was a sophisticated 120 kiloton hydrogen bomb. detonated last Sunday (September 3).

With backing from China and Russia, the UN council voted earlier this week 15-0 to back the US-drafted ban on textile exports and restricting shipments of fuel to Pyongyang.

This could drain millions of dollars from its economy.

Exports of coal, lead and seafood were also banned last month after the launch of anintercontinental ballistic missile.

According to US military sources, North Korea has been spotted moving mobile missile launchers and preparing test sites.

Earlier today the secretive state ramped up its threats towards America.

“The army and people of the DPRK are unanimously demanding that the Yankees, chief culprit in cooking up the sanctions resolution, be beaten to death as a stick is fit for a rabid dog,” a statement released by the Korean Central News Agency read.

"Now is the time to annihilate the U.S. imperialist aggressors.

"Let's reduce the US mainland into ashes and darkness."

World stocks were mostly lower on Friday after the launch. The Asian markets were hardest hit.

(THE SUN)