API Financial Solutions Reports Data Breach Affecting 71k U.S. Consumers

Console and Associates, P.C.

On September 29, 2023, API Financial Solutions (“API”) filed a notice of data breach with the Attorney General of Maine after discovering that an unauthorized party accessed the company’s computer network. In this notice, API explains that the incident resulted in an unauthorized party being able to access consumers’ sensitive information, which includes their names, Social Security numbers, driver’s license numbers, passport numbers and financial account information. Upon completing its investigation, API began sending out data breach notification letters to all individuals whose information was affected by the recent data security incident.

If you received a data breach notification from API Financial Solutions, it is essential you understand what is at risk and what you can do about it. A data breach lawyer can help you learn more about how to protect yourself from becoming a victim of fraud or identity theft, as well as discuss your legal options following the API Financial Solutions data breach. For more information, please see our recent piece on the topic here.

What Caused the API Financial Solutions Breach?

The API Financial Solutions data breach was only recently announced, and more information is expected in the near future. However, API’s filing with the Attorney General of Maine provides some important information on what led up to the breach. According to this source, API recently learned of a potential data security incident that the company believes occurred on June 28, 2023.

In response, API immediately launched an investigation into the incident in hopes of learning more about its causes, as well as whether any consumer data was compromised. Ultimately, the API Financial Solutions investigation confirmed that an unauthorized party accessed—and possibly acquired—files containing confidential consumer information.

After learning that sensitive consumer data was accessible to an unauthorized party, API Financial Solutions reviewed the compromised files to determine what information was leaked and which consumers were impacted. While the breached information varies depending on the individual, it may include your name, Social Security number, driver’s license number, passport number and financial account information.

Evidently, API provides accounting services to businesses, meaning victims of the breach may not be familiar with the name “API Accounting Solutions.” However, these third-party data breaches are common and pose all the same risks as traditional data breaches.

On September 29, 2023, API Financial Solutions sent out data breach letters to anyone who was affected by the recent data security incident. These letters should provide victims with a list of which information of theirs was compromised.

More Information About API Financial Solutions

Founded in 1997, API Financial Solutions is an accounting services company based out of Saint Peters, Missouri. The company provides payroll, human relations, and hiring services to corporate customers nationwide. API Financial Solutions also provides employee benefit services. API caters to organizations of all sizes. API Financial Solutions employs more than 25 people and generates approximately $5 million in annual revenue.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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