Thursday, 2/2

How much is a person's entire financial identity--their social security number, credit card and bank account numbers, credit history, et al--worth?  Most people couldn't put a financial amount on it, but I can.

Because mine's apparently worth $5.21

Long time (and I mean looooong time) readers of this may recall that I was one of the people whose financial information was stolen in the great Equifax data breach of 2017.  I was one of millions of people whose financial identity--their social security number, credit card and bank account numbers, and credit history--was lifted from the companies by hackers.  Thankfully, my portion of that data hasn't (or at least hasn't yet) been used, and I've spent the last 5+ years checking every so often to make sure my financial identity--one of the cores of who we are these days--has remained safe.

Knock on wood

By the fact that I was one of the victims of the data breach I was also entered into a class action suit against the company, and although it took 5+ years I finally received my settlement from the lawsuit.  I had no idea what the amount would be; after all, I filled the paperwork out back in (believe it or not) 2019, but a mere three years later, there it was, finally in front of me.

A check for $5.21.

In one respect, the amount didn't matter.  What was important is that Equifax made sure the breach never happened again.  After all, when you're entrusted with some of the most sensitive information a person has you NEED to make sure that information is protected.  But in another respect...

$5.21?  For having my most sensitive information stolen by hackers?  Seriously?????

There were millions of people who had their data stolen, and all of us deserved justice.  I don't know if we needed the psychic slap in the face that our financial identities are worth the approximate cost of a cup of coffee, but that's the world we live in.  Whether the settlement amount was absurdly small or the lawyer's fees absurdly high is something that, I suppose, I could look into.  But like I said, making sure it doesn't happen again is the most important thing.  The settlement amount was secondary.

But $5.21?  That's...eye-opening.  I received more than that in another settlement, one fifteen years ago because the first iPod I bought didn't come with a carrying case.  I received $25 bucks for that, which means that (if I'm doing my math correctly here) that iPod case is five times more valuable that my financial well-being.

That seems logical, doesn't it?

But it's done.  My aforementioned financial identity seems to be secure, the company has promised it'll never happen again, and the justice system has compensated those of us who were injured.

Now, if you'll excuse me, even though i don't drink it I'll go buy a cup of coffee to celebrate.

Geesh...

(jim@wmqt.com)