Michael Rapoport
speaker
27 appearances
1 recordings
1 series
first heard Sep 2017
last heard Sep 2017
Michael Rapoport’s voice in public audio — every appearance, attributed to the second.
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Appearances
Equifax supplies identity verification services to the Social Security Administration for what's called the My Social Security Portal.
That's a portal that consumers use to do things like check their Social Security benefits and request replacement Social Security ID cards.
For the Center for Medicare and Medicaid Services, what they do is supply employment and income data that the CMS uses to check consumers' eligibility for subsidies to purchase health insurance under the Affordable Care Act.
And this is a lucrative project for Equifax, is that right?
Well, together, those two contracts supply Equifax with roughly $20 million in revenue a year.
Equifax has more than $3 billion in revenue a year, so it's not a huge amount.
It is a continuing source of income for the company.
And they've been doing this with the government agencies for a while?
For the last few years, for Social Security for the last year or two, for CMS since about 2013.
That's right.
Is that a fair way to say it?
What they've been doing ever since, continuing doing ever since they discovered the breach in late July is
They've continued on kind of a business-as-usual track, investigating the data breach, not telling consumers anything about it until early September.
But in that time, for instance, they announced a new deal with a company called Fidelity National,
to provide a new verification service that would allow consumers to access a variety of accounts through one single identifier that would be accessed through a fingerprint.
So they've continued along their same track.
Over the last several years, they've been very active in introducing new products and expanding their business outside of their traditional credit reporting services.
Well, Social Security numbers were at risk, but through Equifax.
The information compromised that was stolen from Equifax included stuff like names, addresses,
driver's license numbers, social security numbers, but that all happened through Equifax.
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