Data Broker Breaches Fueled Nearly $21 Billion in Identity-Theft Losses

"Congressional Democrats on the Joint Economic Committee say they've identified more than $20.9 billion in consumer losses tied to identity theft connected to four major breaches involving data broker firms. The estimate was released Friday in a minority report stemming from a months-long inquiry into data broker practices launched by United States senator Maggie Hassan."

"Scammers are shown to use the kind of sensitive data that companies like these hold-including identifiers like dates of birth, addresses, and even Social Security numbers-to target victims with personalized fraud."

"Findem, however, did not respond to Hassan or to committee staff follow-up, and staff said the company has not removed the "no index" code from its page. The report says Findem's "failure to respond" to the lawmakers' inquiries raises "serious, broad questions about its responsiveness to opt-out requests and commitment to data privacy.""

Congressional Democrats on the Joint Economic Committee released a report identifying over $20.9 billion in consumer losses from identity theft connected to breaches at major data broker firms. Senator Maggie Hassan launched an investigation after discovering that some data brokers were hiding opt-out tools using "no index" instructions to prevent search engine indexing. Scammers exploit sensitive data held by these companies, including dates of birth, addresses, and Social Security numbers, to commit personalized fraud. Four of the five investigated companies improved opt-out access by removing blocking code and adding prominent links. Findem refused to respond to inquiries and failed to remove its blocking code, with records showing it did not process 80 percent of privacy requests from consumers.

Read at WIRED