Tax Favored Benefits Announces Data Breach Following Compromised Employee Email Account

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On February 14, 2024, Tax Favored Benefits, Inc. (“TFB”) filed a notice of data breach with the Attorney General of Montana after discovering that an unauthorized party had gained access to an employee’s email account. In this notice, TFB explains that the incident resulted in an unauthorized party being able to access consumers’ sensitive information, which includes their names and Social Security numbers. Upon completing its investigation, TFB 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 Tax Favored Benefits, Inc., 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 Tax Favored Benefits data breach. For more information, please see our recent piece on the topic here.

What Caused the Tax Favored Benefits Data Breach?

The Tax Favored Benefits data breach was only recently announced, and more information is expected in the near future. However, TFB’s filing with the Attorney General of Montana provides some important information on what led up to the breach. According to this source, on November 30, 2022, TFB detected unusual activity within an employee’s email account. In response, TFB enlisted the help of third-party data security specialists to secure its system and assist with its investigation.

Ultimately, through its investigation, Tax Favored Benefits confirmed that an unauthorized party gained access to the employee’s email account on November 30, 2022. As a result, all emails and attachments in the email account were subject to unauthorized access.

After learning that sensitive consumer data was accessible to an unauthorized party, Tax Favored Benefits 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 and Social Security number.

On February 14, 2024, Tax Favored Benefits 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 Tax Favored Benefits, Inc.

Tax Favored Benefits, Inc. is an accounting firm based in Overland Park, Kansas. TFB provides a range of accounting and financial services to individual and organizational clients, including retirement planning, estate preservation, education planning, long-term care planning, and investment management. Tax Favored Benefits employs more than 40 people and generates approximately $8 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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