In a significant cybersecurity incident, LoanCare, a major player in the U.S. mortgage servicing sector, has announced that personal data of over 1.3 million borrowers was compromised in a data breach. The breach occurred at its parent company, Fidelity National Financial (FNF), a leading title insurance provider in the United States.
The breach was first revealed in an SEC filing by FNF last week, following which LoanCare posted a detailed notice on its website. The company has also notified the relevant authorities and has been proactive in informing those affected.
According to LoanCare's notification, the breach was discovered on November 19, 2023. The unauthorized access to FNF's information technology network led to the exposure of sensitive customer data. The compromised information includes borrowers' full names, physical addresses, Social Security Numbers (SSNs), and loan numbers. This data breach raises concerns about potential phishing, social engineering, and scamming attacks targeting the impacted individuals.
In response to the breach, LoanCare has offered a two-year identity monitoring service through Kroll, aiming to mitigate risks for those whose information was exposed.
This incident comes close on the heels of another cyberattack on First American Financial Corporation, another title insurance giant, which disclosed a similar breach affecting its systems last week. The aftermath of this attack continues, with ongoing efforts to restore the affected systems. However, there is yet no clarity on whether customer data was compromised in the First American breach.
The scale of the LoanCare data breach underscores the growing concerns in the cybersecurity landscape, particularly in sectors handling substantial amounts of personal and financial information. Customers affected by this breach are advised to remain vigilant against unsolicited communications and to consider the identity monitoring services offered. As the situation evolves, further updates and measures to strengthen data security are anticipated from both LoanCare and FNF.
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