Here’s Why: Yahoo has not been by any means the standard for consumer privacy and protection. During the time of January 1, 2012 – December 31, 2016 over 3 billion accounts were breached allowing hackers access to personal information from all 3 billion accounts. Primarily based on two separate hacks and breaches occurring in 2013 and 2014, Yahoo has reached a $117.5 million class-action settlement, offering those accounts affected up to $358 in payouts and offering at least two years of free credit monitoring as well.
When Did this Happen? Yahoo revealed on December 14, 2016 all of the information regarding their massive data breach of 2013, and also of another data breach in 2014. The 2013 data breach is believed to be the largest in human history, with Yahoo stating “an unauthorized third party, in August 2013, stole data associated with more than one billion user accounts,” which was later amended to all 3 billion users at the time. Yahoo stated no credit card or bank information from accounts were taken, but personal user account information including names, email addresses, telephone numbers, dates of birth and passwords were stolen.
Back to the money and claim, if this seems familiar it’s because it is. Loginhood just recently covered Equifax’s $700 million settlement which was intended to pay all affected users at least $125. Equifax quickly realized they did not have nearly enough money to pay all accounts affected, so they offered free credit monitoring and theft protection. The same company who was just breached for 150 million social security numbers, decided to offer free credit monitoring and theft protection as recompense to their consumers.