How the Capital One data breach could lead to phishing scams | Your Morning

How the Capital One data breach could lead to phishing scams | Your Morning



and one of the biggest ever data breaches a hacker gained access to more than a hundred million Capital One customers accounts and credit card applications now joining us with the latest is B&M Bloomberg's John Erlichman John so good morning to you so this not only affecting Americans of those 100 million customers it includes six million Canadians 106 million in total 100 million in the US six million here in Canada a million Social Insurance numbers in this country Louis this is troubling to say the least not just that when you're filling out credit card forms which is this is basically what happens right you enter your name your address your email there's a lot of information that the company gathers and what we don't know ultimately is what the hacker gained access to what we do know based on the reporting is that this hacker previously worked at Amazon for something called Amazon Web Services now it's a cloud-based storage business and businesses like Capital One they're the fifth largest credit card company in the u.s. are increasingly taking the data they're entrusted with and placing it with third parties like Amazon they're on the tech circuit they're talking about how great this is how secure it is yeah it's secure if employees at the business aren't hacking that information so that's what's really troubling for a lot of people this morning and you know this is this is not the you know the last data breach we've heard about this is becoming a new reality it's gonna cost the company a lot of money and you mentioned okay so not the latest date not the only data breach we've heard about lately at 2017 Equifax they had a huge data breach they just recently settled so what can Capital One do in this instance well they're gonna have to spend a lot of money to provide the proper protection for their Capital One customers because the next question is well is there gonna be some kind of fraudulent activity now that potentially some of my information has been accessed well it costs money to offer that to all their customers so that that's part number one you're gonna have to on your own though be careful because what often happens with these kind of situations is even if a little information is gathered hackers like to piece it all together and there are phishing scams so go read the fine print around if you think you might be affected by this how you're expecting Capital One to reach out to you a lot of times people are targeted with texts or phone calls from scammers you have to be really careful about that and you have to wonder Louis if lawmakers in both countries are going to take further steps to try to avoid this happening because to your point we just got through the Equifax basically the big fine associated with it nothing really changed on the lawmaking side as a result of that do CEOs have to be more accountable does it have to be baked into their job requirement that if there is a hack you're gonna be more responsible so there's a lot of the business side that we're gonna be watching today what a big questions about this ok been on Bloomberg's John Ehrlichman thank you so much for this thanks for watching if you like this be sure to subscribe here and you can check out more your morning videos right here

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