Debt Collection Company LCS Financial Services Files Notice of Data Breach

Console and Associates, P.C.

On September 22, 2023, LCS Financial Services filed a notice of data breach with the Attorney General of Montana after discovering that hackers were able to access the company’s computer system. In this notice, LCS explains that the incident resulted in an unauthorized party being able to access consumers’ sensitive information. Upon completing its investigation, LCS 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 LCS Financial Services, 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 LCS Financial Services data breach. For more information, please see our recent piece on the topic here.

What Caused the LCS Financial Services Breach?

The LCS Financial Services data breach was only recently announced, and more information is expected in the near future. However, LCS’s filing with the Attorney General of Montana provides some important information on what led up to the breach. According to this source, on February 25, 2023, LCS detected unusual activity within its computer network that disrupted certain systems. In response, LCS secured its network, reported the incident to the FBI, and then began working with cybersecurity experts to assist with the company’s investigation.

The LCS investigation confirmed that an unauthorized party was able to access its computer system on February 24, 2023. Some of the files that were accessible to the unauthorized party contained confidential consumer information. LCS also learned that the hackers removed data from its network.

After learning that sensitive consumer data was accessible to an unauthorized party, LCS Financial Services reviewed the compromised files to determine what information was leaked and which consumers were impacted. LCS completed this process on August 23, 2023. However, the exact data types that were compromised were redacted.

On September 22, 2023, LCS Financial Services 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 what information belonging to them was compromised.

More Information About LCS Financial Services

LCS Financial Services is a debt collection company based in Centennial, Colorado. The company specializes in assisting financial services companies to recover amounts related to charged-off accounts as a result of defaults. LCS handles a broad range of collection actions, including those involving student loan debt, mortgages, bank and credit union accounts and more. LCS Financial Services employs more than 50 people and generates approximately $27 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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