On July 30, 2023, Flagstar Bank filed a subsequent notice of data breach with the Attorney General of Maine after learning that a 2021 cyberattack compromised customer information. In this notice, Flagstar Bank 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, Flagstar Bank 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 Flagstar Bank, it is essential you understand what is at risk and what you can do about it. As we’ve discussed in previous posts, your Social Security number is perhaps the most important piece of data to keep safe. At the same time, financial institutions and other businesses are required to obtain your Social Security number. Naturally, as a consumer, you expect that these businesses will do everything possible to keep your confidential information safe. However, data breaches such as this one raise serious questions about a company’s commitment to data security. 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 Flagstar Bank data breach.

What Caused the Flagstar Bank Breach?

The Flagstar Bank data breach was only recently announced, and more information is expected in the near future. However, Flagstar Bank’s filing with the Attorney General of Maine provides some important information on what led up to the breach. According to this source, on January 24, 2021, Flagstar Bank detected a potential cybersecurity incident. In response, the company secured its systems and then launched an investigation into the incident.

The Flagstar Bank investigation confirmed that an unauthorized party was able to access the company’s systems and access confidential customer information between January 20, 2021 and January 22, 2021.

After learning that sensitive consumer data was accessible to an unauthorized party, Flagstar Bank 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 July 30, 2023, Flagstar Bank sent out data breach letters to anyone who was affected by the recent data security incident. Flagstar Bank estimates that the total number of people affected was approximately 1.4 million.

More Information About Flagstar Bank

Flagstar Bank is a financial institution based out of Troy, Michigan. Flagstar Bank provides commercial, small business, and consumer banking services to individuals and businesses in Michigan and across the United States, including in Wisconsin, Ohio, California and Indiana. Flagstar Bank employs more than 5,341 people and generates approximately $1.7 billion in annual revenue.