Equifax data breach settlement prepaid card explained: Is it legit?

If you are a credit card user you might get an e-mail that states you are eligible to redeem an Equifax data breach settlement prepaid card. You may learn more about it in our writing if you have already got that e-mail.

Millions of people may have just received an email or postal notice stating that they qualify for a class action settlement about Equifax’s 2017 mega breach. Because so many readers have asked about this, it seemed important to mention that although this particular offer is legitimate, scammers will probably soon take advantage of the public’s interest in the settlement money.

2017 saw the disclosure by Equifax of a significant, protracted data breach that resulted in the theft of approximately 150 million people’s Social Security numbers, dates of birth, addresses, and other personal data. Nearly two dozen class-action lawsuits were filed against the main three consumer credit reporting bureaus shortly after a public breach reaction that is perhaps best compared to a huge trash fire.

In 2019, Equifax consented to a settlement that includes up to $425 million to assist those impacted by the breach in exchange for resolving all pending class action claims made against the company.

Are the e-mails about the Equifax data breach settlement prepaid card real?

If you are asking yourself are Equifax data breach settlement prepaid card e-mails legit or not, yes they are! The credit card company is making a compensation payment for its users whose personal information was leaked after being hacked in the past years. The e-mail you receive is a genuine e-mail from Equifax, not from any scammer. Just in case, you need to make sure that the address that sent you the e-mail belongs to Equifax.

Who is eligible to redeem the Equifax data breach settlement prepaid card?

Customers who qualified could request credit monitoring from all three main bureaus at once, including Equifax, Experian, and TransUnion, for a minimum of three years. Or, if you choose not to take advantage of the offers for credit monitoring, you may choose to get the payment in cash up to $125.

As part of the settlement, you may have received compensation for the time you spent preventing identity theft or other misuses of your personal information as a result of the breach, as well as for the cost of credit monitoring or credit reports. The most that could be paid out in cash per consumer was $20,000, which was capped at 20 hours at $25 an hour ($500).

How much will you get with the Equifax data breach settlement payment?

The amount that each recipient appears to receive appears to vary greatly, although the majority of people will likely have earned a payout that is on the lower end of that $125 range, such as less than $10. Those who got larger sums probably spent more time describing genuine losses and/or how the breach personally affected them.

How to redeem your Equifax data breach settlement virtual prepaid card?

To redeem your Equifax data breach settlement prepaid card, simply copy the promo code and enter it in the search box at myprepaidcenter.com/redeem if you received one of these settlement emails but are hesitant to click the included links. Accepting a prepaid MasterCard agreement is necessary to finish the card application.

Visitors can use a lookup tool on the settlement website to see if they were impacted by the breach; it requires their last name and the last six digits of their Social Security number.

However, be wary that phishers and other con artists may exploit the Equifax data breach settlement prepaid card e-mails. A few additional domains, including equifaxbreechsettlement[.]com, equifaxbreachsettlementbreach[.]com, and equifaxsettlements[.]co, have been highlighted by experts as being fake versions of the legitimate Equifax Breach Settlement website.

Why did you receive an Equifax data breach settlement prepaid card?

Four Chinese People’s Liberation Army (PLA) officials were charged in February 2020 by the U.S. Justice Department with carrying out the 2017 Equifax breach. According to DOJ officials, the four guys were in charge of the largest-ever theft of highly sensitive personal data by state-sponsored hackers.

In its most recent quarterly report, Equifax recorded revenues of $1.24 billion for the quarter ending in September 2022.

Now you know how to get your Equifax data breach settlement prepaid card. We’re sorry if you’ve been a victim of the hack, but at least the credit card company is doing something to make up for it. Unfortunately, there are no precautions you can take in case of hacking of large companies. But if you want to learn how to protect against possible hacks on the internet, check out our article titled 5 reasons why you should use a VPN.