Fidelity’s LoanCare Announces 1.3 Million Borrowers’ Records Exfiltrated

  • By Steven
  • Dec 28, 2023

LoanCare’s Data Breach

LoanCare is a sub-servicing entity that assists mortgage loan providers with finance and data functions; they service over 1.5 million customers across the states and beyond. Their operations include mortgage plans via banks, credit unions, and private firms. Fidelity National Financial (FNF) is LoanCare’s parent company, which recently became embattled following a cyberattack. As a result, LoanCare borrowers may have information at risk.

How Did the Attack Occur? 

The breach did not occur within LoanCare’s systems, although the consequences may impact their borrowers; instead, it happened within FNF’s technology network. According to the published information, an unauthorized party accessed their IT environment and stole data within their reach. FNF shut down their connected systems in response to the threat. Despite their best efforts, the bad actors still made off with millions of patients’ data.

What Information Was Viewed or Stolen? 

The data stolen from FNF belongs to LoanCare borrowers. No complete impact list is available; however, the consumer notice published on the Maine Attorney General’s website suggests the breach event impacts borrower names, addresses, Social Security Numbers, and loan numbers. The notice states that there are no reports of misuse concerning the stolen data, but it’s a matter of time. Now that the information is “out there,” consumers can’t wait for criminals to misuse it to confirm exposure; they must act immediately to protect themselves

How Did LoanCare Admit to the Breach? 

The Maine notice states that LoanCare discovered the unauthorized party within FNF’s network and immediately notified them. FNF purportedly responded by downing their and LoanCare’s internal networks, isolating the threat. Discovery of the threat actor occurred on or around November 19th. FNF’s preliminary investigation concluded around December 13th; this prompted officials to send notifications to impacted parties around a week later, on December 20th.

What Will Become of the Stolen Information? 

An estimated 1,316,938 borrowers may feel the consequences of this breach. However, that figure will likely increase if the breached systems include data from other sub-servicers. Those with data stolen due to this breach must take action to protect themselves; their identity, loan options, and financial resources are at risk. Cybercriminals could release the data on the dark web at any time; thus, the only way to mitigate the consequences is by protecting yourself before it happens. 

What Should Affected Parties Do in the Aftermath of the Breach? 

In the aftermath of this breach, borrowers must take steps to protect themselves. They cannot wait or ignore the signs of data misuse; the criminals may misuse their reputation, money, and entitlements before they recognize the problem. Further, because the information is in the hands of cybercriminals, there’s no way to predict how or when they will use it. The only available response is to secure your accounts and invest in monitoring services. 
Securing accounts is straightforward: change passwords to complex versions, enable multi-factor authentications, and trigger alerts to update you as things change within the account. Monitoring services are also simple but won’t be as efficient without the accounts already being secured. They will instantly notify you when suspicious activity appears in your account, letting you rest easy, with peace of mind for your future.

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