Financial Business and Consumer Solutions Data Breach

Financial Business and Consumer Solutions (FBCS) was founded in 1982 as Federal Bond Collection Services and currently has over 100 employees. Based in Pennsylvania, the name was later changed in 2014. The company is a licensed debt collection agency offering specialized solutions for creditors across various product verticals to meet their diverse needs. Such creditors include those playing in healthcare, consumer credit, utilities, auto, and education services.

FBCS suffered a data breach in February 2024 after unauthorized access to some of the company's network, exposing the sensitive information of over 3.2 million Americans. Following the discovery of this breach, the FBCS took certain steps to secure the affected network and initiated an investigation. They employed the services of third-party computer forensics experts to determine the full scope and nature of the security data breach. Consumer data potentially exposed by the FBCS data breach varies per person and may include consumers' names, dates of birth, social security numbers (SSNs), and account information. FBCS confirmed that the incident might have compromised non-driver identification and driver's license numbers.

When Was the FBCS Data Breach?

The FBCS data breach occurred on February 14, 2024, and ran through February 26, 2024, when it was detected. Following the company's investigation into the incident, on April 26, 2024, it started notifying consumers whose sensitive information may have been impacted by sending them Notice of Daba Breach letters. While FBCS initially reported almost 2 million affected consumers, it later sent a supplemental notice to the Office of Maine Attorney General indicating that the total number of affected individuals had gone up to over 3.2 million.

How to Check If Your Data Was Breached

Financial Business and Consumer Solutions have notified all individuals affected in the February 2024 data breach. So, you would have been contacted if your information was compromised due to this incident. However, if you think you have been affected by the data breach and want to be on the safe side, you can contact the FBCS through any of their official communication channels.

You can also search your email for communications from the company regarding the incident for other clues to check whether your data was breached. However, while doing that, be cautious not to interact with phishing emails from scammers who may want to take advantage of the situation to defraud unsuspecting persons. When a data breach like this happens, you can review your account statements for unusual charges and obtain your credit report to ensure there are no strange activities. Where there are noticeable unusual activities, it may indicate that your sensitive data has been compromised by the breach.

What to Do If Your Data Was Breached

Following FBCS's confirmation of the February 2024 data breach, the firm offered all affected consumers 12 months of complimentary credit monitoring services powered by Identity Defense. You are encouraged to enroll in this credit monitoring service as it offers dark web monitoring, real-time authentication alerts, high-risk transaction monitoring, and $1 million identity theft insurance, among others. In addition, you should remain vigilant against attempts by fraudsters to trick you or perpetrate identity theft. Furthermore, you should change your passwords across all online accounts, check your credit reports for suspicious activity, and review your accounts for unusual debits.

Are There Any Lawsuits Because of the Data Breach?

Yes. Multiple lawsuits have been filed against the FBCS over the data breach that occurred in February 2024 and allegedly affected the sensitive data of 3 million consumers. Some of these suits are listed below:

• Vorburger v. Financial Business and Consumer Solutions Inc., Case No. 2:24-cv-02045
• Vines, et al. v. Financial Business and Consumer Solutions Inc., Case No. 2:24-cv-02085
• Kerr v. Financial Business and Consumer Solutions Inc., Case No. 2:24-cv-02075
• Marc Reichbart, individually and on behalf of all others similarly situated v. Financial Business and Consumer Solutions Inc., Case No. e 2:24-cv-01876

These lawsuits/actions are in the United States District for the Eastern District of Pennsylvania. The plaintiffs made several arguments in their suits. For instance, they claim that despite learning of the breach on February 26, 2024, the FBCS did not notify the public until April 26, 2024. They also argue that the affected individuals have suffered injury and other losses due to the company's inadequate security and breach of its obligations and duties. 

Can My FBCS Information Be Used for Identity Theft?

Yes. Following notifying the public about the February 2024 FBCS data breach, the company advised potentially impacted persons to remain vigilant against incidents of identity theft. This indicates that consumers' data exposed by the breach, which includes names, SSNs, dates of birth, and certain account information, can be used for identity theft and other types of fraud.

What Can You Do to Protect Yourself Online?

Despite FBCS's efforts to secure clients' data, the company was targeted for a data breach in February 2024, and the bad-faith actors succeeded. Consequently, beyond making your data security the sole responsibility of firms holding your information in their databases, you have a crucial role in protecting yourself and sensitive information online. The following are some tips to help you secure yourself online:

• Set strong passwords combining numbers, special characters, and letters for all online accounts. Change your password immediately if you believe your personal information has been compromised.
• Consider enabling two-factor authentication (2FA) on all your online transactions and profiles for an added layer of security.
• Always be cautious of phishing emails purportedly sent by legitimate firms with suspicious links and attachments, especially those that require you to provide personal or financial information.
• Enroll for a credit monitoring and protection service that can alert you of any credit request or new account opening request in your name. This will prevent identity theft.
• Avoid shopping online and providing personal or financial information over an unsecured network, especially over public Wi-Fi. Also, ensure that your home network is secure with a password.

Continually educate yourself on cybersecurity threats and how to avoid falling prey through websites like IDStrong.