700 Credit Data Breach Exposes 5.8 Million Social Security Numbers: 5.8 million Social Security numbers are at risk due to a large data breach at 700 Credit, a fintech company with headquarters in the United States. The systems of 700 Credit were not directly compromised. It was especially concerning because it began with a third-party integration partner. Before the organization realized it, hackers had been surreptitiously accessing client data for several months.
Through a third-party partner rather than its own systems, 5.8 million Social Security information were compromised in the 700 Credit data breach. Customers of car dealerships are impacted by the stolen data, which also increases the danger of fraud and identity theft. For impacted users, 700Credit provides free credit monitoring. To keep secure, experts suggest freezing credit, creating strong passwords, and turning on two-factor authentication.
700 Credit Confirms Data Breach
A hacker gained access to one of 700 Credit’s third-party partners in July, which marked the beginning of the breach. According to News, the attacker discovered an unprotected API that provided access to customer data linked to auto shops using 700Credit’s services. Because the third-party partner failed to notify 700Credit, the hackers continued to gain unauthorized access to data.
On October 25, 700Credit began an internal inquiry after noticing questionable activity. To determine the extent of the breach and the types of data that were taken, they hired outside forensic specialists.
Investigators discovered that certain records in 700Credit’s online application were copied without authorization, mostly for clients of auto dealerships. According to News, Managing Director Ken Hill revealed that between May and October, roughly 20% of the customer data accessible through the compromised system was stolen.
What Information Was Made Public And Why It Matters?
Social Security numbers and other extremely sensitive information are among the stolen data, which increases the danger of identity theft and financial crime. Unlike passwords, Social Security numbers cannot be altered, thus the harm may persist for years. A unique webpage outlining the incident and the impacted data was made by 700 Credit.
Affected individuals have 90 days to sign up for a 12-month free identity protection and credit monitoring program through TransUnion, according to News. This can be dangerous, as evidenced by the breaches that other organizations, such as SoundCloud and Pornhub, experienced through third-party providers. Before the news was released, CyberGuy attempted to get in touch with 700Credit but received no answer.
How To Remain Secure Following A Data Breach?
It takes months for hackers to utilize your stolen info in real time. Therefore, it’s wise to take quick action and make use of everything at your disposal, including powerful antivirus software, phishing URLs, and malware blocking. Strong passwords that are different for each account are also beneficial. The two-factor authentication in your email, banking, social media, and cloud accounts is a recent hack. To receive notifications if someone uses your information, sign up for identity theft and credit monitoring.
According to the News story, think about using a personal data cleanup service to lessen the amount of information you have online, making it more difficult for hackers to target you. To stop new accounts from being started without your consent, freeze your credit if your Social Security number is compromised.
Businesses benefit from third-party integrations, but the consequences can be severe if partners neglect to report security breaches. According to News, if you receive a notification from 700Credit, take it seriously, sign up for monitoring, check your credit, and think about locking it down. Even if nothing happens right away, Social Security number breaches might result in fraud months or years later.