700Credit breach puts 5.8 million Social Security numbers at risk in alarming third-party failure

A big data breach has hit 700Credit, a U.S.-based fintech company, putting 5.8 million Social Security numbers at risk. The breach did not happen directly on 700Credit’s systems. It started with a third-party integration partner, making it more worrying. Hackers quietly accessed customer data for several months before the company noticed.

What went wrong at 700Credit

The breach started in July, when a hacker compromised one of 700Credit’s third-party partners. The attacker found an exposed API that gave access to customer info connected to auto dealerships using 700Credit’s services, as stated by Fox News. The third-party partner did not tell 700Credit, so the hackers kept accessing data unnoticed.

700Credit noticed suspicious activity on October 25 and started an internal investigation. They brought in third-party forensic experts to find out how bad the breach was and which data was stolen.


Investigators found that some records in 700Credit’s web app were copied without permission, mainly for auto dealership customers. Managing Director Ken Hill confirmed that about 20% of the consumer data accessible through the affected system was stolen between May and October, as noted by Fox News.

What data was exposed and why it matters

The stolen info includes highly sensitive data like Social Security numbers, which raises identity theft and financial fraud risks. Social Security numbers cannot be changed like passwords, so the damage can last for years. 700Credit created a special webpage explaining the breach and affected data.

They are offering 12 months of free identity protection and credit monitoring through TransUnion for affected people, who have 90 days to enroll, as stated by Fox News. Other companies, like SoundCloud and Pornhub, also had breaches through third-party vendors, showing how risky this can be. CyberGuy tried contacting 700Credit but did not get a response before the news was published.

How to stay safe after a data breach

Hackers don’t immediately pounce to use your immediately stolen data: it’s months before they use it in real time. So it’s smart to act fast, and use all you have at your disposal, from blocking malware, phishing links to using strong antivirus software. Having a strong password also helps, and unique passwords for every account. A new hack is the two factor authentication, from your email to banking, social media, and cloud accounts. Sign up for identity theft and credit monitoring to get alerts if someone uses your info.

Consider a personal data removal service to reduce your info on the internet, making it harder for hackers to target you, as per the report by Fox News. If your Social Security number is exposed, freeze your credit to prevent new accounts from being opened without your permission.

Third-party integrations help companies, but when partners fail to report breaches, the damage can be huge. If you get a notification from 700Credit, take it seriously, enroll in monitoring, review your credit, and consider locking it down, as stated by Fox News. Breaches involving Social Security numbers can lead to fraud months or years later, even if nothing happens immediately.

FAQs

Q1. Was my Social Security number stolen in the 700Credit breach?

If you used services linked to 700Credit dealerships, your Social Security number might be affected, and you should check the company’s notification or enroll in their credit monitoring.

Q2. What should I do if my data was exposed in the 700Credit hack?

Enroll in free credit monitoring, freeze your credit, use strong passwords, and enable two-factor authentication to protect yourself from identity theft.