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The data breach exposed social security numbers of credit union members. A recent data breach at SRP Federal Credit Union, based in South Carolina, has left over 240,000 members vulnerable to potential identity theft and financial fraud. Between Sept.
5 and Nov. 4, 2024, hackers accessed sensitive personal data, including Social Security numbers, driver’s license information, dates of birth and financial account details. The ransomware group Nitrogen has claimed responsibility for the breach , alleging that they exfiltrated 650 GB of customer data.
While SRP Federal Credit Union has stated that its core processing and online banking systems were not impacted, the sheer volume and sensitivity of the exposed information have raised alarm among cybersecurity experts and affected individuals alike, The Record reports. The two-month window during which hackers maintained unauthorized access suggests potential shortcomings in SRP’s security monitoring and incident response protocols. Such prolonged breaches amplify the risks of data exploitation, providing ample time for attackers to sell, misuse, or further disseminate stolen information.
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Contact the three major credit bureaus—Equifax, Experian, and TransUnion—to initiate a freeze. Set Up Fraud Alerts: Fraud alerts notify creditors to take extra steps to verify your identity before approving new credit. These can be set up through the credit bureaus.
Change Your Passwords: Update the passwords for your financial accounts, email, and any other platforms that might be linked to sensitive data. Use strong, unique passwords for each account and consider a password manager to keep them secure. Enable Two-Factor Authentication (2FA): Activate 2FA on all accounts that support it.
This adds an additional layer of security by requiring a second form of verification. Utilize Identity Theft Protection Services: Take advantage of the free identity theft protection services offered by SRP Federal Credit Union. These services can help monitor your credit and assist in resolving issues if your identity is compromised The credit union may encounter legal action stemming from the data breach, with Oklahoma City-based Murphy Law Firm investigating claims on behalf of individuals whose personal information was compromised.
The firm is also urging affected individuals to consider participating in a potential class-action lawsuit. Data Breach: SRP Federal Credit Union Responds Following the data breach, SRP Federal Credit Union enacted standard incident response protocols. The credit union launched a forensic investigation to determine the full scope of the unauthorized access, while simultaneously notifying relevant law enforcement agencies.
According to SRP, technical assessments confirmed that the credit union's online banking platform and core processing systems remained secure during the incident. On Dec. 12, SRP began its mandatory data breach notification process, sending letters to the 240,742 individuals whose data was potentially compromised.
The notification package includes enrollment instructions for a 12-month complimentary subscription to Experian's credit monitoring service, a standard industry practice following data breaches of this magnitude. SRP Federal Credit Union has been contacted for comment. When they respond, I will update this article accordingly.
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