IRS Pulls Equifax Contract In "Precautionary Step"

Tyler Durden's picture

And the hits just keep on coming...

Until today's headlines indicating the possibility of another breach of Equifax's security, dip-buyers had been enjoying a few days' relief as analysts clammored to explain how one of the biggest cyberhacks of all time did nothing to hinder Equifax's business model. Tonight, they might just start questioning that as Politico reports The IRS has temporarily suspended the $7.2 million, no-bid contract it awarded to Equifax to verify the identities of taxpayers.

As Politico reports, the short-term suspension means that taxpayers will not be able to establish new accounts through a program called Secure Access, which grants them access to online records and transcripts. Those taxpayers who already have accounts will not be affected, the agency said.

The IRS plans to continue reviewing the security of Equifax's systems during the suspension.

 

The agency had previously said its hands were tied and it had to keep the contract with Equifax.

 

"The IRS emphasized that there is still no indication of any compromise of the limited IRS data shared under the contract. The contract suspension is being taken as a precautionary step as the IRS continues its review," agency spokesman Matthew Leas said in a statement.

For now the dip-buyers have slowed down...

In letters to IRS Commissioner John Koskinen, some members of Congress questioned whether Equifax could be trusted to handle taxpayer data and suggested the contract should be revoked.

Is Equifax's business model starting to come into question?

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New_Meat's picture

Lois Learner couldn't be contacted in time for this release.

nmewn's picture

It is kinda cool how she got placed in the witness protection program even though she was one of the ring leaders.

"The Law" is funny like that ;-)

Whoa Dammit's picture

Am I the only one who thinks that if a company collects & sells info about me that they should have to pay me for it?

a Smudge by any other name's picture

We'll have an answer for that ASAP. In the meantime we're interviewing more music majors.

shankster's picture

Yes and at least ask my permission first.

Semi-employed White Guy's picture

No. I've been thinking that for years. These mother fucking credit agencies are making money on OUR identities.  It's absolute theft. And then to make matters a whole lot worse you have the Equifax debacle with their affirmative action hire bitch executives.

Templar X's picture

No! Where's my money? I want it now.

Creative_Destruct's picture

"Am I the only one who thinks that if a company collects & sells info about me that they should have to pay me for it?"

NOPE!


johand inmywallet's picture

She still burning O2, I thought (hoping like hell) she was nailgunned!

Clock Crasher's picture

create news and trade on it.

reverse that news and reverse the trades.

making money on the way up. making money on the way down.

rinse repeat.

hxc's picture

^^^ Central banking goal #1... Well, #2. #1 is world communism. Go figure

Blue Steel 309's picture

I really don't think CBs give a rats ass what kind of totalitarian system they control.

stormcrow's picture

Misleading headline. Nothing was pulled, just suspended. Someone in government gets a freezer full of cash and then the problem gets swept under the rug when everyone is distracted.

nmewn's picture

Oh well done Captain Obvious Koskinen, well done!...lmao!

Yen Cross's picture

  Ohhh FFS...  China and Russia could provide Equifax with more accurate info. then the IRS.

 FREE Lois Lerner.

krispkritter's picture

Infernal Retards Scrambling...

2_legs_bahhhhhd's picture

"The IRS emphasized that there is still no indication of any compromise of the limited IRS data shared under the contract. The contract suspension is being taken as a precautionary step as the IRS continues its review"

Translation: more than likely, security has been breached, and we need time to to "fix" it.

Its only a matter of time before all this electronic currency suffers a major malfunction.

allamerican's picture

equifax and transunion one in same busn..one does other follows suit, least it seems..

it's all fucking game..

whers's maxine.  worthless shit.

wisefool's picture

leeroy jenkins

 This is what an actual treasury raid sounds like.

shankster's picture

Now shut down the IRS and make it an all-around even deal for the people.

shankster's picture

Snow -Flakes love the IRS.

shankster's picture

Where's Timmy G.

navy62802's picture

Equifucked. Hopefully this is the first shoe to drop in the death of the credit ratings racket.

wisefool's picture

We can fix them, we have the technology.

Identify as Ferengi's picture

As Professor Reynolds asked this morning, if they presume to be our "betters," shouldn't they be better? If they insist that they're smarter than us, shouldn't they be smart?

Anarchyteez's picture

Lmfao! You don't say?!

This shit show just keeps getting better!

dlfield's picture

Wouldn't this be a postcautionary step?

Other Mr T's picture

Equifax is E-Corp from Mr. Robot

Versengetorix's picture

Why are the Equifax execs who sold their stock 3 weeks prior to the announcement.....still at large and still alive?

squid's picture

This is not a technology problem, its an idiot problem that goes VERY deep.

 

I trace it to the invention of the MBA.

The Masters of Bankruptcy Acceleration programs offered at all major universities. Some people refer to it as masters of business administration but I name it based on what the graduates actually do, accelerate the organization they work in towards bankruptcy.

 

Look, if you need two years of university to teach you that you have to spend less running the business then what you have in revenue, then you're much too stupid to be working. In fact, I'm surprised you even have a pulse....but these fuckers, all of them, who were largely responsible for the 2008 crisis and will be wholly responsible for the next one, pay 100 grand a year to get one of these papers from Haaaavaad and corporate America buys into it.

 

I don't get it but unless more people wake up to the MBA scam, this won't end.

 

Squid

Solio's picture

Yanking their corporate charter would be the correct precautionary step.

Solio's picture

Nobody could have seen this coming (whatever it is.)

AR15AU's picture

And one of the towers goes down. Tyler Durden didn't even need to blow it up. It killed itself. Hooray.

Tunga's picture

The IRS is not an agency or Department of the US GOV. It is a subcontractor to the US Treasury based in Puerto Rico.

Rex Andrus's picture

Kill the IRS. The spies of a foreign corporation conceal themselves, but you know where they all work.

Yen Cross's picture

   Now, all the smart Z/H contributors know and realize why both houses of CONgress voted to lower credit reporting requirements earlier this year.

platyops's picture

I posted about 2 weeks ago: How does EFX drop to 92 on news of the hack and then go to 104. Who is buying a company that is being sued by thousands prehaps millions of people. Something really stinks on wall street!

JailBanksters's picture

I think it's more like, Uh Oh there on to us !

 

surf@jm's picture

Why is that grinning liar Koskinen still running the IRS?..........