Jul 29, 2019

Data from 100 million credit applications stolen from Capital One

Photo: Johannes Eilsele/AFP/Getty Images

The FBI arrested Washington state resident Paige Thompson Monday morning for the digital theft of data from tens of millions of credit card applications, multiple news sites reported. Capital One confirmed broad aspects of the arrest in a press release.

What was stolen: Data from around 100 million credit card applications from between 2005 and 2019, including 80,000 bank account numbers and 140,000 Social Security numbers. 1 million Canadian Social Insurance Numbers were also stolen.

Background: Capital One said it discovered the data breach on July 19 in the process of patching a security glitch reported to the company.

The FBI quickly arrested Thompson, who reportedly bragged about the heist online.

Threat level: Capital One's statement said the company does not believe information from the credit card applications has been released online.

The impact: The breach will cost the financial firm $100 million–$150 million to resolve, per Capital One, including the costs of notifying affected applicants, providing applicants with credit monitoring and other costs.

Editor's note: This story has been corrected to indicate that the breach involved "data from" credit card applications, rather than entire credit card applications.

Go deeper

What to do if you're a Capital One customer whose info was hacked

Photo: Rafael Henrique/SOPA Images/LightRocket via Getty Images

Approximately 100 million Capital One customers in the U.S. and Canada are caught up in a data hack that the bank claims happened in March. If you think you're among them, here are a few steps you can take.

Where to start: The bank says it will notify all affected customers, including 140,000 whose social security numbers were compromised, and offer identify protection services and credit monitoring. Both are worth taking advantage of.

Go deeperArrowJul 30, 2019

Apple Cards begin to arrive in customers' phones and hands

An iPhone owner using Apple Card to make a payment. Photo: Apple

Apple today begins processing the first applications from consumers to get the new Apple Card, the credit card it is debuting in conjunction with Goldman Sachs.

Why it matters: It's part of a broader push into services from Apple, but also puts the company in direct competition with the banks and credit cards already part of Apple Pay.

Go deeperArrowAug 6, 2019

Delinquencies spike with record-high credit card interest rates

Data: St. Louis Federal Reserve; Chart: Axios Visuals

Since 2014, credit card interest rates have risen 4.4 percentage points, representing a 35% increase in costs for consumers, data from NerdWallet shows, despite the fact that U.S. interest rates remain at historical lows.

Context: Though the rate remains historically low, delinquencies are up 22% since 2015.

Go deeperArrowJul 31, 2019