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Posted On December 10, 2022 Consumer Privacy & Data Breaches

Data Breach Alert: Veros Credit

NOTICE: If you received a NOTICE OF DATA BREACH letter from Veros Credit, 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 AlertDecember 10, 2022 – Veros Credit filed notice of a data breach with the Attorney General of Texas learning that confidential consumer information that had been entrusted to the company was accessible to an unauthorized party following a cyberattack. Based on the company’s official filing, the incident resulted in an unauthorized party gaining access to consumers’ names, addresses, Social Security numbers, driver’s license numbers, financial account information, insurance information and medical information. After confirming that consumer data was leaked, Veros 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 Veros 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 Veros Credit.

What We Know So Far About the Veros Credit Breach

The available information regarding the Veros Credit breach comes from the company’s filing with the Attorney General of Texas. However, because the Texas AG’s “Data Security Breach Reports” page only offers limited information, little is known about what led up to the incident.

That said, upon discovering that sensitive consumer data was made available to an unauthorized party, Veros Credit 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 name, address, Social Security number, driver’s license number, financial account information, insurance information and medical information.

On December 8, 2022, Veros Credit sent out data breach letters to all individuals whose information was compromised as a result of the recent data security incident. While the total number of people affected by the Veros Credit data breach has not yet been released, the Texas AG reports that there are 1,266 victims in that state alone.

More Information About Veros Credit

Veros Credit is a financial services company based in Santa Ana, California. The company specializes in the acquisition and servicing of motor vehicle retail installment contracts. Veros Credit is affiliated with Veros Real Estate Solutions, a financial software company, which provides valuation and collateral risk management solutions. Veros Credit employs more than 166 people and generates approximately $31 million in annual revenue.

How Hackers Use Social Security Numbers to Commit Fraud Against Data Breach Victims

Social Security numbers have become the “unofficial national identifier” of the United States. Almost everyone has a Social Security Number, and both the government as well as businesses use SSNs to track our income and verify our identity. Thus, a leaked Social Security number is very concerning because it gives criminals almost everything they need to commit the crime of identity theft.

Hackers and cybercriminals are constantly coming up with new ways to obtain consumers’ Social Security numbers because hackers can easily use SSNs to steal victims’ identities. But how do criminals profit off of stolen Social Security numbers?

Most people assume that a few unauthorized transactions are the extent of the damage a hacker can cause with your SSN in hand; however, that is not necessarily the case. Criminals have a few different ways to make money off of stolen Social Security numbers.

Open Up a New Account or Loan

The most common harm associated with a data breach is that a criminal uses your information to open up a new credit card account or loan. This is fairly easy to do online, and criminals usually don’t need any additional information other than what they obtained through the data breach.  For example, to open up a credit card or loan, a hacker only needs your name, date of birth, address and Social Security number. If a criminal is missing one or more of these, obtaining the missing information is usually easy enough; for example, they may have access to your other information through a previous data breach, a database of compromised information, or by conducting an online search using the stolen information they already have.

Steal Your Tax Refund

Tax refund fraud occurs when a criminal files an IRS tax return in your name before you can file your actual return. The goal of tax refund fraud is to obtain your tax refund. Unfortunately, victims of tax refund fraud often don’t realize they’ve been targeted until the IRS rejects their tax return because, in the IRS’s eyes, it has already been filed. To reduce the chances of a hacker successfully committing tax refund fraud, you should file your tax return as soon as possible.

Public Benefit Fraud

Hackers can also take your stolen Social Security number and apply for public benefits, such as disability benefits or Social Security benefits, in your name. They have also been known to reroute benefits that victims are currently receiving to their own accounts. Given the red tape involved with rectifying these frauds, victims can end up spending hundreds of hours of their time resolving public benefit fraud.

Open Fraudulent Utility Accounts

Opening up new cell phone and utility accounts are common methods hackers use to profit off of stolen information. In fact, the Federal Trade Commission reports that 13 percent of all fraud incidents in 2016 involved the creation of new phone and utility accounts. To open up a utility account, a hacker just needs your name, address and your Social Security number, all of which are available through most data breaches.

Those who have questions about their rights after a data breach and what they can do to hold a company responsible for leaking their information should reach out to an experienced data breach lawyer for assistance.

If You Have Questions About Your Rights Following the Veros Credit 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 Veros 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 Veros Credit, contact the attorneys at Console & Associates at (866) 778-5500 to discuss your legal options, or submit a confidential Case Evaluation form here.