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Posted On May 17, 2023 Consumer Privacy & Data Breaches

Retirement Clearinghouse Data Breach Results in Consumers’ Confidential Information Being Leaked

NOTICE: If you received a NOTICE OF DATA BREACH letter from Retirement Clearinghouse, 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 AlertMay 17 – After discovering that a third party had acquired access to an employee email account containing private information about certain persons on May 12, 2023, Retirement Clearinghouse notified the Attorney General of Maine of a data breach. A third party gained access to the names, Social Security numbers, and Matrix Trust Company IRA account numbers of clients, according to the company’s official declaration. Retirement Clearinghouse started distributing data breach notification letters to all people affected by the incident when it was confirmed that customer data was compromised.

Data breach lawyers from Console & Associates, P.C. are currently gathering information. If you’ve been the victim of a data breach, you deserve to know your rights. We are providing free consultations to anybody who is concerned about their personal information being taken and would want to know whether they have a case against Retirement Clearinghouse for data breach compensation.

About Retirement Clearinghouse

Retirement Clearinghouse, headquartered in Charlotte, North Carolina, is a financial technology services firm that facilitates the transfer of individual retirement savings accounts for corporate customers, with the goals of decreasing 401(k) cash-outs and increasing financial well-being. Retirement Clearinghouse is in the business of facilitating account transfers, and as such, it must acquire information on individual account holders from businesses. Originally founded in 2001 as Rollover Systems, Retirement Clearinghouse currently boasts a staff of 87 and annual sales of $20m.

Information About the Retirement Clearinghouse Breach

A report filed with the Attorney General of Maine states that on March 15, 2023, Retirement Clearinghouse discovered unusual behavior in an employee’s email account. Retirement Clearinghouse immediately locked down the compromised account and began investigating to see what exactly happened and whether any consumer information was compromised.

A Retirement Clearinghouse investigation revealed on March 28, 2023, that sensitive consumer information was exposed in a few emails and accompanying attachments.

After learning that consumers’ personal information had fallen into the wrong hands, Retirement Clearinghouse launched a thorough investigation of the stolen files to ascertain the specifics of the data leak and the number of customers affected. On May 3 of 2023, Retirement Clearinghouse had finished going over the information. Your name, Social Security number, and Matrix Trust Company IRA account number could have been compromised, albeit the specific data compromised is unique to each person.

Retirement Clearinghouse sent notification letters to anyone whose personal information was exposed on May 12, 2023.

What Safety Measures Should Data Breach Victims Take?

The aftermath of a data breach is, unfortunately, frequent fraud and identity theft. The information may be used by hackers in further criminal activity or sold on the dark web. 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.

As a consumer, it is still in your best interest to know how to limit the fallout from the security breach, even if you had little control over the situation to begin with. We have compiled a set of quick measures to take in the event of a data breach. If you suspect that your financial data has been compromised, you should take further precautions beyond those outlined above.

Take the Time to Read the Enclosure Carefully

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 Retirement Clearinghouse, it is important to go through the information provided. 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.

Credit Monitoring is Free of Charge at Retirement Clearing

As a result of the cyberattack, Retirement Clearinghouse is offering free credit monitoring to all affected customers for a full year. Typically, monthly fees of $20 to $40 would be expected to cover such services. If you keep an eye on your credit record, you may be able to spot suspicious activity right away. You should take advantage of the deal while the company is still offering it. If you accept this settlement, it won’t preclude you from pursuing a lawsuit against the company.

Inspect Your Credit Report and Bank Statements Frequently

Maintaining vigilance over your financial documents and credit reports is essential, even after signing up for a credit monitoring service. While it’s true that hackers don’t waste any time putting stolen information to good use, there are times when they simply don’t have access to the information they need to carry out their crimes. This implies they are likely to withhold the information until they have access to all of the data they need. 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). Even if they don’t utilize what you’ve told them right away, it doesn’t mean they won’t at some point.

Put a Freeze on Your Credit and Set Up a Fraud Alert with the Three Major Credit Reporting Agencies

If you’re concerned about identity theft or fraud but still don’t believe credit monitoring and manual account monitoring are enough, you could use the free protection services offered by the three major credit agencies. When your credit is frozen, no one can access it without your permission. A fraud alert notifies any businesses that retrieve your credit report that your personal information may have been compromised.

If You Have Been Affected by Retirement Clearinghouse Data Breach, Console & Associates, P.C. Can Help

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 Retirement Clearinghouse 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.

Below is a portion of the letter sent to affected individuals:

Dear [Redacted],

We write to inform you of a matter that may involve some of your information, our response, and steps you may take if you feel it is appropriate to do so.

What Happened? Retirement Clearinghouse assists organizations with transferring individuals’ retirement savings to reduce 401(k) cashouts and increase financial wellness. This process involves collecting information about the individuals from organizations to facilitate the transfers. We identified that between March 15 and 16, 2023, a small number of files were at risk of access without authorization. Because of this, we took measures to ensure the security of the files and notify potentially affected individuals about this matter.

What Information Was Involved? The above-referenced files contained your name, IRA account number at Matrix Trust Company, and Social Security number.

What We Are Doing. We are notifying individuals about this matter and providing complimentary identity monitoring services. We took remedial measures within our organization and we are also evaluating our policies and procedures to prevent reoccurrence of this type of event.

What You Can Do. We encourage you to remain vigilant against incidents of identity theft and fraud by reviewing your account statements and monitoring your free credit reports for suspicious activity and to detect errors. We also recommend you review the “Steps You Can Take To Protect Personal Information” section of this letter. Further, you may enroll in the offered complimentary identity monitoring services. Enrollment instructions are on the next page of this letter. Please note that, due to privacy restrictions, we are unable to automatically enroll you in the complimentary identity monitoring services.

For More Information. If you have questions about this matter, please contact our dedicated assistance line at (833) 637-2099, toll-free Monday through Friday from 8 am – 10 pm Central, or Saturday and Sunday from 10 am – 7 pm Central (excluding major U.S. holidays). Be prepared to provide your engagement number [Redacted]. You may also write to us at [Redacted], or Retirement Clearinghouse, Attn: Sr. Risk Officer, 1916 Ayrsley Town Blvd., Ste. 200, Charlotte, NC 28273.

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