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Posted On November 30, 2022 Consumer Privacy & Data Breaches

Data Breach Alert: Ingalls & Snyder, LLC

NOTICE: If you received a NOTICE OF DATA BREACH letter from Ingalls & Snyder, LLC, contact the attorneys at Console & Associates at (866) 778-5500 to discuss your legal options, or submit a confidential Case Evaluation form here.

Data Breach AlertOn November 23, 2022, Ingalls & Snyder, LLC filed notice of a data breach with the Attorney General of Vermont after the company learned that an unauthorized party gained access to sensitive consumer information in its possession. Based on the company’s official filing, the incident resulted in an unauthorized party gaining access to consumers’ first and last names, Social Security numbers, Ingalls & Snyder account numbers, other financial account information, dates of birth, and driver’s license photos. After confirming that consumer data was leaked, Ingalls & Snyder began sending out data breach notification letters to all individuals who were impacted by the recent data security incident.

If you received a data breach notification, it is essential you understand what is at risk. The data breach lawyers at Console & Associates, P.C. are actively investigating the Ingalls & Snyder data breach on behalf of people whose information was exposed. As a part of this investigation, we are providing free consultations to anyone affected by the breach who is interested in learning more about the risks of identity theft, what they can do to protect themselves, and what their legal options may be to obtain compensation from Ingalls & Snyder, LLC.

What We Know So Far About the Ingalls & Snyder Breach

The available information regarding the Ingalls & Snyder breach comes from the company’s filing with the Vermont Attorney General’s office. According to this source, on or around October 31, 2022, Ingalls & Snyder detected a network security incident that impacted part of the company’s computer network. In response, Ingalls & Snyder secured its network and then began working with outside cybersecurity specialists to investigate the incident and determine what, if any, consumer information was leaked as a result.

On November 3, 2022, the Ingalls & Snyder investigation confirmed that an unauthorized party or parties were able to access some sensitive client information stored on the company’s computer network.

Upon discovering that sensitive consumer data was made available to an unauthorized party, Ingalls & Snyder began to review the affected files to determine what information was compromised and which consumers were impacted. While the breached information varies depending on the individual, it may include your first and last name, Social Security number, Ingalls & Snyder account number, other financial account information, date of birth, and driver’s license photo.

On November 23, 2022, Ingalls & Snyder sent out data breach letters to all individuals whose information was compromised as a result of the recent data security incident.

More Information About Ingalls & Snyder, LLC

Founded in 1924, Ingalls & Snyder, LLC is a registered investment advisor and broker-dealer located in New York City, NY. The firm provides investment management and related services to private clients as well as institutional investors. Currently, Ingalls & Snyder has approximately $8 billion in assets under management. Ingalls & Snyder employs more than 69 people and generates approximately $17 million in annual revenue.

What Are the Risks of a Data Breach?

Hackers and other cybercriminals are always developing new ways of obtaining consumers’ personal and financial information. While hackers choose to target different types of information depending on the type of crimes they plan on carrying out, one of the most commonly targeted pieces of information is Social Security numbers. But how can hackers profit off of your stolen information?

Most people assume that a few unauthorized transactions are the extent of the damage a hacker can cause. Indeed, by some estimates, the average data breach victim spends over $1,000 and devotes hundreds of hours of their time to resolving the effects of a data breach. However, hackers have other ways of perpetrating a fraud that may be even worse.

Below are a few different ways hackers can profit off of your stolen Social Security number and other personal information.

Open Up a New Credit Card or Take Out a Loan

One of the most common harms that follow in the wake of a data breach involves a hacker using your information to open up a new line of credit, or selling your information to another criminal who intends on doing the same. In most cases, this involves the criminal applying for a new credit card or personal loan because these are the easiest lines of credit to obtain. To do this, a hacker would need your date of birth and address in addition to your Social Security number. Of course, once a criminal has your name and Social Security number, they can use this information to obtain whatever other data they need to carry out crimes of fraud.

Tax Refund Fraud

A hacker who steals your Social Security number may be able to intercept your tax refund.  Hackers do this by filing a fraudulent federal tax return in your name before you have the chance to file your return with the IRS. Unfortunately, victims of tax refund fraud often do not know they’ve been the target of fraud until the IRS rejects their tax return because, in the IRS’s system, it’s already been filed. Not surprisingly, tax refund fraud is extremely difficult to resolve; however, you can reduce the chances of a hacker successfully committing tax refund fraud by filing your tax return as soon as possible.

Open Fraudulent Utility Accounts

One of the lesser known harms of a data breach involves a hacker opening up a new utility or cell phone account in your name. Again, you may not learn of fraudulent cell phone or utility accounts until the hacker has racked up a tremendous bill in your name. According to the Federal Trade Commission, 13 percent of fraud incidents in 2016 involved the creation of new phone and utility accounts. To open up a utility account, all a hacker needs is your name, address and your Social Security number. Often, these accounts can be set up entirely online, making it even easier for hackers to orchestrate this type of fraud.

If You Have Questions About Your Rights Following the Ingalls & Snyder Data Breach, Console & Associates, P.C. Can Help

At Console & Associates, P.C., our consumer privacy lawyers monitor all security and data breaches to help affected consumers pursue their legal remedies. We offer free consultations to victims of data breaches and can explain your rights in clear, understandable terms so you can make an informed decision about how to proceed with your case. If you’ve been affected by the Ingalls & Snyder data breach or any other data security incident, Console & Associates, P.C., will investigate your case at no charge and offer you thorough advice about how to most effectively proceed with your case. If you decide to bring a case, we only get paid if you do. If your claim is successful, any legal fees are either paid by the defendant or come out of the funds recovered from the defendant. If your claim doesn’t result in a recovery, you will pay nothing.

To schedule your free consultation, just call (866) 778-5500 today or fill out our secure contact form.

NOTICE: If you received a NOTICE OF DATA BREACH letter from Ingalls & Snyder, LLC, contact the attorneys at Console & Associates at (866) 778-5500 to discuss your legal options, or submit a confidential Case Evaluation form here.