Excerpt from DailyHodl Article, Published on Feb 17, 2024

A significant data breach at Bank of America has left tens of thousands of customers vulnerable to potential identity fraud, following a security lapse that compromised sensitive personal information.

The breach, originating from a failure at Infosys McCamish Systems (IMS), an insurance business process solutions provider utilized by the bank, has exposed critical data belonging to 57,028 Bank of America customers, as reported in a data breach notification filed in Maine. The breach, according to the notification letter from IMS, compromised data pertaining to one of Bank of America’s deferred compensation plans, which contained a wealth of personal information essential for identity theft. The accessed information includes individuals’ names, addresses, business email addresses, dates of birth, Social Security numbers, and other account-related data.

In response to the breach, IMS has extended an offer of a two-year complimentary identity theft protection program from Experian to affected victims. Additionally, Bank of America has advised its customers to reset their passwords and remain vigilant in monitoring their accounts for any signs of suspicious activity. While IMS acknowledges the challenge of definitively determining the extent of the accessed personal information, the provision of identity theft protection services aims to mitigate potential risks for affected individuals.

Experian IdentityWorksSM’s free identity theft protection program offers daily monitoring of credit reports from major credit reporting agencies, internet surveillance, and assistance in resolving identity theft issues. The service will be active for a two-year period and will not incur any charges for enrolled individuals, emphasizing the proactive measures undertaken to safeguard affected customers’ financial security. Although there have been no reported instances of misuse involving the compromised information thus far, the breach underscores the critical importance of robust data security measures and proactive response strategies in safeguarding customer data against cyber threats in an increasingly digital landscape.

To delve deeper into this topic, please read the full article in the DailyHodl.