Malware
Mortgage Giant LoanCare Sounds Alarm on Data Breach Impacting 1.3 Million Individuals
LoanCare, a US mortgage firm, has warned 1.3 million customers of a potential data breach. The company’s eFax system was targeted by unauthorized users, potentially exposing personal details such as names, addresses, and Social Security numbers. LoanCare is offering one year of free credit monitoring to affected individuals.
Picture this: you’re a homeowner who has dutifully paid your mortgage every month, trusting that your sensitive information is safe with your mortgage servicing company. Imagine the sinking feeling in your stomach when you receive a notification that over 1.3 million borrowers like yourself have had their personal information exposed in a data breach. This nightmare scenario has recently become a reality for customers of LoanCare.
LoanCare: A Major Player in Mortgage Servicing
LoanCare is a significant company in the mortgage servicing sector, handling approximately $390 billion in balances from 1.2 million loans. Its parent company, Fidelity National Financial, is a prominent title insurance provider in the United States. Last week, Fidelity National Financial disclosed a cyberattack in an SEC filing, which has now been confirmed to have affected LoanCare customers.
The Sobering Details of the Data Breach
Following the disclosure, LoanCare posted a notice about the incident on its website and informed the authorities. A notice sent to impacted individuals revealed that unauthorized access to certain systems within Fidelity National Financial’s information technology network occurred around November 19, 2023.
After an investigation involving third-party experts and specialized state departments, it was discovered that the attackers managed to steal customer data from Fidelity National Financial’s systems. The compromised information includes full names, physical addresses, Social Security Numbers (SSNs), and loan numbers.
What This Means for Affected Borrowers
With this sensitive data in the wrong hands, targeted phishing, social engineering, and scamming attacks become a real threat. If you’re one of the borrowers affected by this breach, it’s essential to remain vigilant against unsolicited communications. To help protect exposed individuals further, LoanCare has provided instructions on enrolling in a two-year identity monitoring service through Kroll.
A Wider Concern in the World of Finance
LoanCare isn’t alone in facing cybersecurity threats. Last week, title insurance giant First American Financial Corporation also disclosed that it suffered a cyberattack impacting its systems. The disruption caused by this attack continues, with system restoration underway and no estimates currently available on when the company will return to normal operations. As of this writing, the company hasn’t provided any updates on whether customer data has been exposed due to the incident.
Don’t Let This Happen to You!
This alarming situation highlights the importance of prioritizing cybersecurity in the finance sector. If you’re a business owner or individual concerned about protecting your sensitive information, don’t hesitate to reach out to us for expert advice and assistance. Stay ahead of threats by continually educating yourself on cybersecurity best practices and keeping up to date on the latest developments in the field. Together, we can help safeguard your personal and financial information from falling into the wrong hands.