FCA open investigation into Equifax
25th October 2017
It has been confirmed that Credit Rating US- based firm Equifax is being investigated by the UK Financial Conduct Authority (FCA) over the loss of important data.
The UK financial watchdog has confirmed it is investigating Equifax over a cyber breach that led to a massive loss of personal data from both US and UK citizens.
Equifax has attempted to reassure its customers and welcomes an opportunity to “learn the lessons from this criminal cyber-attack”. Nonetheless more than 700,000 British people’s records were stolen in this major data hack, and the FCA has the power to issue an fine to Equifax or even strip it of its power to operate in the country.
Moreover it has been stated that the victims of these hacks could face further trouble. Equifax have admitted that this could result in these customers’ details being used for “criminal activity”. This could include anything from identity theft to more targeted scams.
James Salmon from credit management firm, Credit Protection Association agrees that an investigation into Equifax is essential for its customers. “Hundreds of thousands, if not millions of British people have been affected by the Equifax data breach. The FCA are completely right to investigate the circumstances of the breach to identify and protect the compromised individuals. The Credit Protection Association, as a provider of Credit Information to its members, doesn’t work with Equifax but it is concerned at anything that could compromise the credit and security of so many individuals.”
The Credit Protection Association is a credit management company established in 1914. If you supply goods or services on credit then we can help you!
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