On December 5, 2022, Snap Finance, LLC and Snap RTO, LLC reported a data breach with the Texas Attorney General after the company learned that an unauthorized party was able to access confidential information that was stored on its computer network. According to Snap, the breach resulted in consumers’ names, addresses, Social Security numbers, government-issued identification numbers and financial account information being compromised. Recently, Snap sent out data breach letters to all affected parties, informing them of the incident and what they can do to protect themselves from identity theft and other frauds.
If you applied for or received a loan or line of credit through Snap Finance or leased-to-own through Snap RTO, the information you provided to the company may now be in the hands of potential criminals. And as we’ve discussed in other posts, as a result of the data breach, you are now at an increased risk of identity theft and other frauds. However, it is important to understand that as a data breach victim, you have rights, including the right to pursue a legal claim against Snap Finance and Snap RTO company if it turns out that the company was negligent in how it handled your information.
What We Know About the Snap Finance Data Breach
The available information regarding the Snap Finance breach comes from the company’s filing with the Attorney General of Texas. However, the information provided on the Texas AG’s website is very limited, and the company has not yet posted a notice of the recent incident on its website. Thus, all we know is that information consumers had entrusted to the company was compromised after an unauthorized party—most likely a hacker—bypassed the company’s data security system.
Upon discovering that sensitive consumer data was made available to an unauthorized party, Snap Finance began to review the affected files to determine what information was compromised and which consumers were impacted. While the breached information varies depending on the individual, it may include your name, address, Social Security number, government-issued identification number and financial account information.
On December 5, 2022, Snap Finance sent out data breach letters to all individuals whose information was compromised as a result of the recent data security incident. While we don’t know the total number of people impacted by the Snap Finance data breach, the Texas Attorney General’s “Data Security Breach Reports” web page indicates there were 6,733 victims in Texas alone.
Founded in 2012, Snap Finance, LLC is a digital finance company based in West Valley City, Utah. The company specializes in helping consumers who may have difficulty finding credit through traditional avenues. Depending on a consumer’s credit, Snap offers lease-to-own, installment loan, or installment contract options, up to $5,000. Snap Finance employs more than 664 people and generates approximately $139 million in annual revenue.
