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Bitcoin A Perfect Tool To Offer Hacked TalkTalk Users A Form of Compensation

Jp Buntinx · @http://twitter.com/jdebunt | Jan 18, 2016 | 02:56

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Over the past few weeks, British Internet Service Provider TalkTalk has been the center of media attention. Not only did the company suffer from a hacking attempt on their customer database, but they also failed to encrypt a lot of sensitive information. To make matters even worse, the company is now denying thousands of victims any form of compensation.

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TalkTalk Screws Up Again By Not Offering Compensation

Even though TalkTalk has apologised to the customers who suffered from the hacking attack a while ago, those words have fallen on deaf ears for most people. With over 100,000 customers suffering from the hack, a lot of sensitive information had been leaked. As a result, affected customers were granted the option to leave their contracts without penalty.

Furthermore, TalkTalk had set a plan in motion to offer free upgrades to all of their 4 million customers, in an effort to restore some of the trust relation. It goes without saying these efforts are not enough for those customers who take this breach of privacy more seriously, as several thousands of them asked for compensation due to some of their money being stolen.

Unfortunately for those affected customers, TalkTalk has deemed them not eligible for any form of further compensation. Needless to say, this is not only a bad business practice, but it also causes even more negative attention for the British ISP, which has been under attack by the media for quite some time now.

Accessing the financial information belonging to TalkTalk customers was possible because the ISP failed to encrypt sensitive information. Once the hack occurred, assailants had the payment information for the picking, and it only makes sense several customers are looking for additional compensation. Not offering the affected people that privilege is not the best course of action by an ISP that needs to restore the trust relationship with its customers.

Lack of Transparency is Hurting The Business

If TalkTalk is serious about regaining trust, they should act more transparent towards their customers. With trust levels at all-time low right now, a solution has to be found sooner rather than later. Blockchain technology and Bitcoin could offer a helping hand, both in terms of more transparency as well as future compensation.

Unlike fiat currency, Bitcoin would offer a great chance for TalkTalk to offer the affected customers some form of extra compensation. Once the customer receives the Bitcoin funds, it becomes their sole responsibility, and whatever happens to it is no longer a concern to the ISP. This option is well worth considering by other companies as well, as Bitcoin is a global form of payment that can do a lot of good in the business world.

What are your thoughts on this ongoing TalkTalk debacle? Should they resort to Bitcoin for compensating users? Let us know in the comments below!

Source: Telegraph UK

Images courtesy of TalkTalk, Shutterstock