Data Breach Alert: What You Need to Know

Navigating the Fallout: Understanding the Recent Data Hack

In an alarming development that has sent shockwaves through our digital media landscape, recent news reported here by LA Times has surfaced regarding a major breach that potentially involves billions of individuals’ Social Security data and personal information. This breach has exposed sensitive personal information, raising serious concerns about identify theft, privacy, and the security of individuals’ most crucial personal information.

In this blog post, we’ll examine what we know so far about the data breach, how it might impact individuals and organizations, and what proactive measures you can take to safeguard your information against future attacks.

In April, National Public Data was hacked (the organization that offers personal information to employers, private investigators, and others that do background checks). At the time it wasn’t clear how much information the hackers got.

However, last week the hackers emerged and were offering “the full NPD database” for sale on the dark web. The information consists of 2.7 billion records including a person’s full name, address, DOB, SSN, and phone number.

National Public Data is yet to notify anyone specifically that their data has been stolen, but if you reach out to them via email they respond with, "We are aware of certain third-party claims about consumer data and are investigating these issues."

What this means for you:

The best way to prevent identity theft is to put a credit freeze in place with the four major credit bureaus – Experian, Equifax, Innovis, and TransUnion. This freeze instructs the bureaus to block any attempts to open new credit cards or certain bank accounts in your name, ensuring that unauthorized individuals cannot access your credit information.

A credit freeze limits access to your credit report, stopping anyone from opening new credit accounts in your name while the freeze is active. It’s an effective measure to safeguard against identity theft and prevent misuse of your personal information.

Keep in mind that a credit freeze does not affect your ability to apply for jobs, rent an apartment, or purchase insurance. The freeze remains in effect for as long as you choose, and you can temporarily lift it if you need to apply for new credit.

How To Freeze your Credit:

TransUnion

Online, by creating a TransUnion account.

By phone. Call (800) 916-8800.

Equifax

Online, by creating a myEquifax account.

By phone. Call (888) 298-0045.

Experian

Online, by creating an Experian account.

By phone. Call (888) 397-3742.

Innovis

Online, by creating an Innovis account.

By phone. Call (866) 712-4546

The simplest way to initiate the freeze is online through each of the credit bureaus. The process will create an account on each of the bureaus where you can manage the freeze. You can manage the credit freeze from these accounts. If you freeze and unfreeze via phone, make sure to record your PIN as you will need this to unfreeze your credit in the future.

Whether or not you choose to freeze your credit, there are other steps you should take to protect yourself from identify theft. Below are a few specifics

Make sure you are monitoring your credit report to see if anything fraudulent pops up. You can use a credit monitoring resource like Credit Karma, which can provide peace of mind, and keeps you aware of when fraud is happening so you can take the necessary steps to stop it.
File your tax return as soon as possible. Prevent fraudulent tax returns with your SSN by filing early. You can also take an extra step and proactively protect your identity by requesting an Identity Protection PIN from the IRS (you will need to keep track of these each year to file your tax return). You can read more about this option here.
Be suspicious of every communication relating to your personal or account information. If you receive an email or phone call requesting you verify personal or account information or suggesting you click a link, do not respond or release any information. If it raises a red flag to you, don’t dismiss that. Do not release any information until you’ve called the appropriate institution to confirm the communication is from them.
Improve your account security. Add transaction watches to your credit cards, bank accounts, etc. You can receive an email every time there is a transaction on your credit card without the card present. There are many features available. Call your bank, credit card company, etc., or login and search for “security features.”
Make it difficult for fraudsters to guess your information. Be mindful of what you put “out there.” For example, if you post about your pet frequently on Facebook, don’t use your pet’s name as your password or as an answer to a security question.

Taking these proactive steps empowers us as consumers to do our best to safeguard ourselves, even when the exposure of our personal information is beyond our control.

_{PYA Waltman Capital, LLC (“PYAW”) is an investment adviser registered with the U.S. Securities and Exchange Commission. Registration does not imply a certain level of skill or training. More information about PYAW’s investment advisory services can be found in its Form ADV Part 2, which is available upon request. PYA-24-26}