The biggest data theft of 2023 and what you can do

In May of this year, more than 62 million people were affected when a ransomware gang called Cl0p began abusing an unpatched zero-day exploit of Progress Software’s MOVEit Transfer enterprise file transfer tool. Although a patch was quickly released, the damage had already been done. Sensitive data from government, public and businesses across the world was stolen – with more than 2000 organizations reportedly attacked. Some of the victims include British Airways, New York City’s public school system, the U.S. Department of Energy, Fiserv, and Sony.

The Louisiana Office of Motor Vehicles announced the following month that it was one of those victims. OMV reported that all Louisianans with a state-issued driver’s license, ID card or vehicle registration have likely had sensitive information exposed to the cyber attackers – such as name, address, Social Security number, driver’s license number, and vehicle registration information.

Financial Institution Service Corp. (FISC), which is headquartered in West Monroe and provides services to dozens of Louisiana banks, announced in September that the company was also breached. Hackers accessed personal information of more than 750,000 people. Financial account information, debit and credit card numbers, and Social Security numbers were among compromised data.

What You Can Do

There are several steps that you can take to mitigate the risk of damage from the data breach:

1.   Monitor and/or Freeze Credit

Individuals can freeze and unfreeze their credit for free, which stops others from opening new accounts and borrowing money in your name. Freezing your credit does not prevent the use of any existing credit cards or bank accounts. Freezing your credit may be done quickly online or by contacting the three major credit bureaus by phone: 

Experian: 1-888-397-3742 www.experian.com/freeze 

Equifax: 1-800-685-1111 www.equifax.com/personal/credit-report-services/credit-freeze/

TransUnion: 1-888-909-8872 www.transunion.com/credit-freeze 

Please also request and review your credit report from these agencies to look for suspicious activity. You may request your free credit reports every 365 days from www.annualcreditreport.com.

2.   Change All Passwords

Consider changing all passwords to online accounts, beginning with bank accounts, healthcare portals, and accounts that include sensitive financial data. Utilize multi-factor authentication when it is offered.

Note: Although there have been no reports of this breach affecting Meriwether, SEI Private Trust or our partners, it is always a best practice to change passwords regularly and utilize multi-factor authentication as an added layer of security.

3.   Enroll in a Credit Monitoring Service

A credit monitoring service can monitor personal information online for identity theft. Several products such as Norton Lifelock, Equifax Complete Premier, Identity Guard, and PrivacyGuard offer this type of service. If your data was breached in the MoveIt hack, it is likely you received a letter offering one year of complimentary credit and data monitoring. You must follow the steps provided to enroll.

4.   Register for Mobile Credit Card Alerts

Mobile credit card and debit card alerts are push notifications designed to keep you informed about the state of your credit card account. These notifications can appear as smart phone lock screen notifications, banners, or badges depending on the settings you choose. Based on the alerts you select, you may get a notification every time your credit score changes, for example, or you might get notified before a credit card payment is due. Three of the most useful credit card notifications include purchase alerts, fraud alerts and balance notifications.

Contact your bank or credit card company for more information about mobile card alerts.

5.   Protect Your Social Security and Tax Return

The IRS recommends that you request an Identity Protection Pin by signing up at https://www.irs.gov/identity-theft-fraud-scams/get-an-identity-protection-pin or calling the IRS at 1-800-829-1040. This pin will help prevent someone else from filing tax returns in your name or receiving your federal tax refund.

All individuals who are eligible, applied for, and/or are receiving social Security benefits (including disability), are encouraged to register for an ssa.gov account at https://www.ssa.gov/myaccount/.

6.   Report Any Suspected Identity Theft

If you suspect any abnormal activity involving your data, including financial information, visit the website https://www.identitytheft.gov/. This service of the Federal Trade Commission will walk you step-by-step through the process. You may also call 1-877-FTC-HELP.

Sources: https://gov.louisiana.gov/index.cfm/newsroom/detail/4158

https://www.theverge.com/23892245/moveit-cyberattacks-clop-ransomware-government-business

https://www.bankrate.com/finance/credit-cards/how-to-set-up-mobile-credit-card-alerts-fraud/

Don't forget about those old 401(k)s

It’s not uncommon to forget about an old 401(k) plan – or to just leave it alone because it’s out of sight and out of mind. But doing so can be costly in the long run.

As of May 2023, there were 29.2 million “left-behind or forgotten” 401(k) accounts in the U.S., holding approximately $1.65 trillion in assets, according to fintech company Capitalize.

With an old 401(k) account, you may not be having regular conversations with a financial advisor about your risk tolerance, investment objective, and asset allocations. We all know that life situations change, and the way that you were invested 5-10 years ago may not be how you should be invested today. Another consideration is the management and/or platform fees that may be assessed in the left-behind plan.

There are options when it comes to a former 401(k) plan: leave the assets in the previous employer’s retirement plan; take a distribution (consult with your financial advisor regarding tax implications and any early withdrawal penalties, if applicable); roll the assets over into your current employer plan (if allowed); or roll the assets over to an IRA with a financial advisor.

Not sure where your 401(k) plan is? Pay stubs and paperwork from your previous employer may provide the details. If not, reach out to your former employer’s human resources department for direction. They should be able to provide the necessary information to help you track your account down and request a statement.

If you have an older 401(k) that you would like to roll over to Meriwether, please obtain an account statement and schedule a meeting with your financial advisor.

Sources: https://money.usnews.com/money/retirement/401ks/articles/how-to-find-an-old-401-k-account

Disclosure: Meriwether Wealth and Planning is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.