On November 4, 2023, Financial Asset Management Systems, Inc. (“FAMS”) filed a notice of data breach with the U.S. Department of Health and Human Services Office for Civil Rights after discovering that a “network disruption” affected the company’s ability to access certain files on its computer system. In this notice, FAMS explains that the incident resulted in an unauthorized party being able to access consumers’ sensitive information. Upon completing its investigation, FAMS 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 Financial Asset Management Systems, Inc., it is essential you understand what is at risk and what you can do about it. As we’ve previously discussed, data breaches put you at a significantly higher risk of being the target of identity theft and other frauds. However, there are steps you can take to reduce these risks. 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 FAMS Recovery Solutions data breach.

What Caused the Data Breach Affecting FAMS Recovery Solutions?

The FAMS Recovery Solutions data breach was only recently announced, and more information is expected in the near future. However, FAMS’s filing with the U.S. Department of Health and Human Services Office for Civil Rights provides some important information on what led up to the breach. According to this source, on March 31, 2023, FAMS experienced an IT disruption, resulting in employees being unable to access certain files on the company’s computer network. In response, FAMS notified law enforcement, reset all passwords, and then enlisted the help of outside cybersecurity specialists to investigate the incident.

The FAMS investigation confirmed that some information that was stored on its network was subject to unauthorized access. It was later determined that certain compromised files contained confidential consumer information.

After learning that sensitive consumer data was accessible to an unauthorized party, FAMS Recovery Solutions reviewed the compromised files to determine what information was leaked and which consumers were impacted. FAMS completed this process on August 31, 2023.

On November 4, 2023, FAMS Recovery 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 what information belonging to them was compromised.

More Information About Financial Asset Management Systems, Inc.

Founded in 1993, Financial Asset Management Systems, Inc. is a debt collection company based out of Woodstock, Georgia. FAMS primarily serves businesses in the education, healthcare, telecom, and financial services industries, as well as various government entities. FAMS Recovery Solutions employs more than 284 people and generates approximately $78 million in annual revenue.