Millions of Americans trust Fidelity Investments to help manage their retirement savings and investment accounts. Now, some customers have an opportunity to receive compensation following a data breach that exposed sensitive personal information.
The breach occurred in 2024 after cybercriminals exploited a vulnerability in a third-party service used by Fidelity.
According to court documents, the incident affected more than 77,000 customers, exposing personal information that may have included names, Social Security numbers, driver's license numbers, financial account information, and other identifying data. While Fidelity stated that customer investment accounts themselves were not compromised, the exposed personal information could increase the risk of identity theft and financial fraud.
Whether or not you qualify for compensation, this incident serves as another reminder that personal information has value long after a data breach occurs. If your Social Security number or other sensitive information was exposed, monitor your financial accounts closely, review your credit reports regularly, and consider placing a fraud alert or credit freeze if you notice suspicious activity.
Fraud alerts will do just that, alert you that potential fraud is occurring in your name. It will not necessarily stop it. A freeze will prevent anyone, including you, from getting access to your credit reports, therefore preventing new accounts from being opened. You can unfreeze and refreeze your credit at no charge. Just make sure to contact each of the three major credit bureaus individually to do this.
To resolve a class action lawsuit, Fidelity has agreed to a proposed settlement without admitting wrongdoing. If the settlement receives final approval, eligible customers may be able to receive reimbursement for documented losses related to the breach, compensation for time spent addressing fraud or identity theft issues, and cash payments for those who submit valid claims. So, if you are in this category, keep track of your time and keep receipts. The settlement also provides identity monitoring services for eligible individuals, which you should take advantage of to help prevent fraud using your information.
If you received a notice from Fidelity about the breach, don't ignore it. Cybercriminals often wait months or even years before using stolen information. Staying vigilant today can help reduce the chances of becoming a victim tomorrow.
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Massive 700Credit Data Breach Leaves Information of Millions at Risk
