Pingora Loan Servicing, LLC Files Recent Data Breach Notice | Console and staff, PC – Natural Self Esteem

On April 6, 2022, Pingora Loan Servicing, LLC, based in Denver, Colorado, sent out data breach notifications notifying affected parties that their sensitive information had been compromised as a result of a recent security breach.

If you’ve received a data breach notification, it’s important that you understand what is at risk. Data breach attorneys at Console & Associates, PC are actively investigating the data breach at Pingora Loan Servicing on behalf of individuals whose information was disclosed.

The link between data breaches and identity theft

Technological advances over the last few decades have allowed more information to be stored electronically. While this makes it easier for companies and other organizations to maintain consumer data, it also puts that information at risk of a data breach. According to recent estimates, up to 15 million people fall victim to identity theft every year. Many cases of identity theft arise from data breaches, such as B. the one recently announced by Pingora Loan Servicing.

Identity theft occurs when a criminal actor uses someone else’s information to impersonate them. There are several reasons why someone might try to steal someone else’s identity. Most often, criminals commit identity theft for their own financial gain, such as opening a bank account or credit card in a victim’s name. On average, identity theft victims spend more than $1,300 and around $200 to recover their identity. In some cases, however, the damage is much worse. For example, in criminal identity theft cases, a criminal will provide a victim’s information to the police if the victim is arrested, potentially resulting in a warrant for the victim’s arrest and even a criminal record. In other cases, criminals use consumers’ protected health information against them, threatening to release the information unless the victim pays a “ransom.”

By investigating the data breach at Pingora Loan Servicing, Console & Associates, PC hopes to help victims understand the potential risks of identity theft and how they may be able to obtain compensation for everything they have been through and may be going through need future.

About Pingora Loan Servicing, LLC

Pingora Loan Servicing, LLC is a specialty asset management firm focused on investing in new Mortgage Servicing Rights (“MSR”) portfolios. The company also oversees these portfolios. Pingora Loan Servicing employs approximately 29 people and has annual sales of $6 million. Pingora is a subsidiary of Bayview Asset Management, LLC based in Coral Gables, Florida. Bayview is an investment management company focused on investing in the mortgage industry. Bayview currently has approximately $14.5 in assets under management. Bayview employs 180 people and has annual sales of $92 million.

Data breaches are becoming a national crisis

The concept of a data breach is not new; However, with the changed way cybercriminals carry out their attacks, the risks for consumers are greater than ever. For example, the number of data breaches increased by 68% between 2020 and 2021. However, the total number of data breach victims actually fell by about five percent over the same period. Unfortunately, that’s not necessarily good news. According to the Identity Theft Resource Center, the reduction in victim numbers is due to cybercriminals focusing their efforts on getting more into stealing specific types of data, such as bank account information, social security numbers, and protected health information. Not surprisingly, data breaches affecting this information pose a much greater risk to consumers. Yet there are more than 188 million victims of data breaches every year.

Data breaches occur in a variety of ways. For example, malware installation, ransomware attacks, and phishing scams are common. In each of these cases, a hacker targets an organization, usually with knowledge or suspicion of weaknesses in the organization’s data security system. Once the hacker accesses an organization’s computer network, they can access and steal any consumer data that resides on the compromised network.

Organizations such as businesses, nonprofits, educational institutions, and healthcare providers all play an essential role in preventing data breaches. When an organization stores consumer data, it assumes a duty to protect that information. In reality, an organization’s data security system is the first line of defense against a cyber attack. It is therefore imperative that companies understand their responsibility for data security and take it seriously. Unfortunately, many companies have been slow to adopt the latest data security measures despite raking in millions of dollars in profits each year. Class-action lawsuits for data breaches hold organizations responsible for their lax data security measures and allow consumers to send the message that their privacy matters.

What to do after a data breach

Any company or organization affected by a data breach must notify the affected individuals of the breach. This Privacy Breach Notice contains important information and should not be ignored. If you have received a data breach letter from Pingora Loan Servicing, it is important that you take the following steps to protect yourself.

  1. Review the letter carefully to confirm what information has been compromised: After you receive a data breach notification, you should first read the letter carefully to determine what the information is about. While this list provides some basic advice on what to do after a data breach, there are additional steps to take depending on the type of information leaked. Also, retain a copy of the data breach letter for your records.

  2. Terminate all future access to your accounts: Regardless of the type of data breach or what data of yours was compromised, it is important that you change all passwords and security questions for your online accounts, especially your online banking credentials. For the accounts that allow you to set up multi-factor authentication, this is a good idea as it makes it much more difficult for an unauthorized party to access your accounts.

  3. Protect your credit: More than 70% of data breaches involve compromised social security numbers or bank account information. This is intentional as cyber criminals can use this information for their own financial gain with relative ease. It is therefore important to take the necessary steps to prevent unauthorized access to your funds. After announcing a data breach, companies typically offer free credit monitoring for a period of time. Importantly, you are not giving up any rights by signing up for free credit monitoring, so there’s no reason not to.

  4. Consider a credit freeze: A credit freeze is a warning on your credit file placed by one of the three major credit reporting agencies (TransUnion, Equifax, and Experian). When the credit bureau freezes your account, they prevent anyone from accessing your funds unless you give them permission. Credit blocks remain active until you remove them; However, you can remove a ban temporarily, for example if you need to apply for a loan. According to the Identity Theft Resource Center, freezing a loan is the “most effective way to prevent opening a new loan/financial account.” However, ITRC reports that only 3% of consumers whose information has been leaked freeze their accounts.

  5. Monitor your credit reports and bank accounts closely: For data breach victims, the unfortunate reality is that managing the situation is a constant effort. Protecting yourself from the ongoing threat of identity theft is something you need to keep an eye on. After you receive a data breach notification, regularly check your bank and credit card accounts for signs of unknown transactions. You should also regularly check your credit report. This is a great way to tell when a company is running a credit check.

  6. Contact a data breach attorney as soon as possible: If your information has been exposed through a data breach, it’s important that you don’t wait to speak to an attorney. Under United States data protection laws, the company responsible for keeping your information secure may be held financially liable for any damages you cause. These damages are intended to compensate you for the money and time spent restoring your identity. However, these cases are not just about money. Class action lawsuits for data breaches are also important tools that consumers can use to persuade large companies to take data security more seriously. Over time, organizations will learn that they either need to implement more extensive data security measures or face financial liability.

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