Equifax is one of the three major consumer credit reporting agencies in the United States. They collect and maintain information on over 800 million individual consumers and more than 88 million businesses worldwide.
Equifax recently landed a $725 million contract with the IRS to help verify taxpayer identities and prevent fraudulent activities. This contract comes after the major data breach that Equifax experienced in 2017, which exposed the personal information of over 147 million Americans.
The partnership between Equifax and the IRS aims to enhance the security measures surrounding taxpayer data. By leveraging Equifaxs technology and expertise in identity verification, the IRS hopes to better protect the sensitive information of American taxpayers and reduce the risk of identity theft.
While Equifax has faced scrutiny in the past due to the data breach, the IRS believes that the company has implemented significant improvements to their security protocols. By working closely with Equifax, the IRS aims to bolster their defenses against fraudulent activities and ensure the integrity of taxpayer information.
Equifax will be required to comply with strict security standards and protocols set forth by the IRS to safeguard taxpayer data. This includes using advanced encryption techniques, multi-factor authentication, and regular audits to monitor the effectiveness of their security measures.
By partnering with Equifax, the IRS can leverage their expertise in identity verification and data protection to enhance the overall security of taxpayer information. This collaboration is expected to streamline the verification process for taxpayers and minimize the risk of identity theft and tax fraud.
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Equifax secures $7.25M IRS contract.