Member Update

Equifax Breach - Update Expand/Collapse

Message from Equifax:

With respect to potentially impacted Canadian citizens, the investigation determined that personal information of approximately 8,000 Canadian consumers was impacted. In addition, it also was determined that some of the consumers with affected credit cards announced in the company’s initial statement are Canadian (we are in the process of identifying which of those consumers are Canadian). The company previously had stated that there may have been up to 100,000 Canadian citizens impacted; however, that number was preliminary and did not materialize. The forensics investigation was comprehensive and complete and we are confident that all Canadian data that was subject to the cybersecurity incident has been thoroughly evaluated.

As we previously committed, Equifax will notify impacted Canadians by mail and offer them free credit monitoring and identity theft protection. We will notify you as the first batch of letters to impacted Canadians is mailed, so that you are not caught unprepared.

Equifax in the News

Source: USA Today

SAN FRANCISCO — Equifax said hackers may have stolen the personal information of 2.5 million more U.S. consumers than it initially estimated, bringing the total to 145.5 million.

The company said the additional customers were not victims of a new attack but rather victims who the company had not counted before. Equifax hired the forensic security firm Mandiant to investigate the breach, and it finished its report on Sunday.
News of the new victims comes on the eve of congressional testimony to be given by Equifax’s former CEO Richard Smith, who will address a House subcommittee on Tuesday. He was forced into retirement last week in the wake of the attack.

In prepared remarks posted Monday, Smith said the hack was possible because someone in Equifax's security department didn’t patch a flaw the company had been alerted to by the U.S. Computer Emergency Readiness Team.

A scan performed later to check that the patch had been implemented failed to detect that it hadn’t, Smith said. He gave no reason why the company's workers failed to install the so-called Apache Struts upgrade.

The company has been dogged by criticism of its response to the breach. The website and call centers it established to serve customers faltered. Many consumers faced error messages on the website and couldn't reach anyone at Equifax by phone.

Equifax said the feature on its website that allows U.S. consumers to check if their information was stolen will be updated to add the newly-listed consumers no later than October 8.
Ex-Equifax CEO Richard Smith apologizes; doesn't say why a fix wasn't carried out
The news for those outside of the United States was better. Mandiant was able to confirm that no Equifax databases located outside of the United States were accessed by the attackers.

In addition, Equifax had originally believed that as many as 100,000 Canadians were affected by the breach. However, the Mandiant review found that only about 8,000 were.

2016 Member Share Offering Dividend Expand/Collapse

We are happy to announce the declaration and payment of a dividend of 2.75% on the Series 1996 and 2005 Class A Investment Shares.

By investing in Motor City’s Investment Shares, members provide an increased capital base for our future growth. A strong capital base ensures that we continues to expand and offer competitively priced products and services to meet all our member’s financial needs.

Motor City is extremely proud to have had another prosperous year and are excited that their members are able to benefit from continued successful accomplishments.

 

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