Posted On May 20, 2023 Consumer Privacy & Data Breaches
May 20 – It was discovered on May 13, 2023, that sensitive information entrusted to Bank of New York Mellon Corporation (BNY Mellon) had been compromised, prompting BNY Mellon to notify the Massachusetts Attorney General of a data breach on May 13, 2023. According to the company’s official report, a third party gained access to consumers’ names and Social Security numbers as a consequence of the breach. After it was determined that consumer data had been compromised, BNY Mellon immediately started notifying those whose information had been compromised by sending informational letters.
Console & Associates, P.C.’s data breach lawyers are still gathering evidence. If you’ve been a victim of a data breach, you should know your rights. We are providing free consultations to anybody who is concerned about their personal information being compromised and would like to know whether they are able to pursue a lawsuit against BNY Mellon for compensation.
In 2007, The Bank of New York and Mellon Financial Corporation merged to become the Bank of New York Mellon Corporation, an investment bank. With $1.9 trillion in assets under management as of March 2023, the New York, New York-based financial services firm BNY Mellon operates in 35 countries across the world. More than 51,700 people are employed at BNY Mellon, and the company earns over $16 billion annually in sales.
BNY Mellon recently concluded that private consumer information given to the corporation was exposed to unauthorized access, as detailed in a filing with the Attorney General of Massachusetts. It seems that the breach did not involve BNY Mellon’s IT infrastructure but rather included illegal access to a third party’s IT network, possibly that of a vendor. No public announcement has been made on the identity of the third party.
After learning that private consumer information had fallen into the wrong hands, BNY Mellon launched a thorough investigation of the affected files to ascertain what data had been exposed and who had been affected. Information such as names and Social Security numbers may have been compromised, albeit the specifics vary on the victim.
Data breach letters were sent out by BNY Mellon on May 13, 2023, to everyone whose data was compromised.
The aftermath of a data breach is, unfortunately, frequent fraud and identity theft. It’s possible that hackers may use the data for illegal purposes or sell it on the dark web to other bad actors. While it may take victims of a data breach months to learn about the incident, hackers often don’t waste time putting their newfound knowledge to use.
The security breach may not have been anything you could have prevented, but as a consumer, it is still in your best interest to know what to do to limit the fallout. To prepare for the possibility of a data breach, we have compiled a set of measures to complete immediately. This is not an exhaustive list. You may wish to take further precautions if your financial data has been compromised.
A corporation has a duty to its consumers and the state authorities to inform them of a data breach. Once you get the data breach notice from BNY Mellon, you should go through the information provided by the company. In addition to the nature of the breach and the measures being taken to prevent such incidents in the future, the breach notification letter will contain information about any victims who have reported fraud or identity theft.
BNY Mellon is providing free credit monitoring services to all consumers who were affected by the hack. Typically, monthly fees for such services range from $20 to $40, but BNY Mellon is offering it for free. Keeping an eye on your credit report might help you spot suspicious activity right away. Take advantage of the offer.
You still need to keep a close check on your finances and credit reports, even after signing up for a credit monitoring service. While it’s true that hackers don’t waste any time putting stolen information to use, there are times when they don’t have access to the information they need to carry out their intended crimes. Because of this, it’s possible that they’ll keep the information on hand until they can obtain the missing pieces of information. After a data breach has occurred, it is crucial to keep an eye on your accounts for a significant period of time (weeks or months). They may not utilize your information right away, but it doesn’t mean they won’t.
Take advantage of the free protection services offered by the three major credit agencies, even if you believe credit monitoring and manual account monitoring are sufficient to prevent identity theft or fraud. If you freeze your credit report, no one will be able to access it without your permission. A fraud alert alerts businesses that check your credit report that your personal information may have been compromised.
The consumer privacy lawyers at Console & Associates, P.C. help customers affected by data and security breaches pursue legal solutions by offering free consultations. By explaining your rights in clear, concise terms, we help you make an informed decision about your next steps. If you are a victim of the BNY Mellon data breach, Console & Associates, P.C. will investigate at no charge to you and offer advice on how to proceed. If you decide to pursue a case, rest assured that we don’t get paid unless you do. If your claim is successful, legal fees are either paid out of the funds recovered or by the defendant. If your claim is not successful, you pay nothing.
To schedule your free consultation, just call (866) 778-5500 today or fill out our secure contact form.