Data Breach Alert: Radius Financial Group, Inc. | Console and Associates, PC

Recently, the mortgage lender, Radius Financial Group, Inc., announced a “security incident” in which an unauthorized party obtained certain documents stored on the company’s system. As a result of the Radius Financial Group, Inc. data breach, the personal information of over 16,000 individuals was compromised. Although Radius Financial Group cannot confirm what consumer data has been retained, the information includes consumers’ names and financial account information, including credit and debit card information.

News of the Radius Financial Group data breach has just been announced and details of the event are still scarce. However, the data breach lawyers at Console & Associates, PC is actively investigating the security breach. If an investigation finds that Radius Financial Group failed to ensure the security of consumer data leading to the breach, the company may be held liable through a data breach class action lawsuit.

Cyberattacks like this are increasingly common in today’s society. Today more than ever, companies store data electronically. While there are certainly many ways to protect against cyber threats, hackers have ways to identify vulnerabilities in data security systems, which they can then exploit.

When a hacker breaks into a company’s computer systems, they can steal sensitive consumer information from the compromised systems. Although there is no guarantee that this information will be used for criminal purposes, it is not uncommon. So, of course, after a company experiences a data breach, they will notify anyone whose information has been compromised. Despite the risks of data breaches, many consumers fail to take precautionary measures to protect themselves against identity theft and other fraud.

People affected by a data breach need to be sure they understand what happened, what their rights are, and how they can exercise them.

Can consumers whose data has been leaked take legal action against a company?

When you granted Radius Financial Group access to your personal data, you trusted the company to protect your sensitive information. However, news of the Radius Financial Group data breach raises very serious questions about the school’s data security measures and whether the company could have done more to prevent this type of cyberattack.

Regardless of industry, all businesses have a legal obligation to protect consumer information in their possession. Although creating and maintaining a data security system is expensive, it is a necessary expense given how often cyberattacks occur.

Consumers whose personal, identifying, financial, or health-related data has been compromised in a data breach can take legal action against a company that misused or mishandled their information. However, the investigation into the Radius Financial Group breach is still in its early stages. For this reason, it is too early to say whether Radius Financial Group was legally liable for the breach. However, our data breach attorneys are investigating the Radius Financial Group security breach to determine potential legal remedies for affected individuals.

If you have questions about your ability to bring a data breach class action lawsuit against Radius Financial Group, contact a data breach attorney as soon as possible.

What to do if you received a data breach notification from Radius Financial Group

If you receive a data breach notification from Radius Financial Group in the coming weeks, it means that your personal data was among those compromised in the recent cyberattack. It also means that a cybercriminal has gained access to your personal data and may have stolen it. Given the risks involved, it is important that you remain vigilant by taking the following measures:

1.) Carefully read the data breach letter sent by Radius Financial Group to determine what information was accessible;

2.) Make a copy of the letter for your records;

3.) Sign up for the free credit monitoring service provided by Radius Financial Group;

4.) Change all your online passwords and security questions;

5.) Enable two-factor or multi-factor authentication, where available;

6.) Regularly review your credit card and bank account statements for any signs of suspicious activity;

7.) Monitor your credit report for any unexpected changes that could be a sign of identity theft;

8.) Contact one of the major credit bureaus to ask them to add a fraud alert to your profile; and

9.) Notify your banks and credit card companies of the data breach.

Although freezing credit on your accounts may initially seem like a drastic measure, according to the Identity Theft Resource Center (“ITRC”), it is the “most effective way to prevent a new credit/financial account”. “However, the ITRC reports that only 3% of consumers whose information is leaked freeze their accounts.

About Radius Financial Group

Radius Financial Group, Inc. mortgage lender and bank, founded in 1999 and based in Norwell, Massachusetts. The company offers a wide range of consumer lending options, including conventional and jumbo mortgages, non-conforming mortgages, and a variety of refinance options.

Details of the data breach from RFG, Inc.

According to an official notice filed by the company, Radius Financial Group, Inc. (“RFG”) learned that on July 7, 2021, an unauthorized party may have accessed and deleted certain files from the company’s servers. Once Radius Financial Group learned of the possible cyberattack, it launched an internal investigation. The investigation confirmed that the company had been the victim of a cyberattack.

After learning of the extent of the security breach, Radius Financial Group then reviewed the affected files to determine what information had been compromised. On January 7, 2022, the company confirmed that the information may include names and financial account information. According to a source, there could be up to 16,988 people who were affected by the breach.

On February 3, 2022, Radius Financial Group began sending data breach notification letters to everyone whose information was in the affected files.

Below is a copy of the initial data breach letter issued by Radius Financial Group (the actual notice sent to consumers can be found here):

Dear [Consumer],

We are writing to you with important information regarding a recent security incident. The privacy and security of the personal information we maintain is of the utmost importance to Radius Financial Group. We wanted to provide you with information about the incident, explain the services we make available to you, and let you know that we continue to take important steps to protect your personal information.

What happened?

We recently learned that on or around July 7, 2021, an unauthorized person may have acquired a limited number of electronic documents stored on our systems.

What we do.

Upon learning of the incident, we immediately opened an investigation. As part of our investigation, we quickly engaged cybersecurity professionals who regularly investigate and analyze these types of incidents. In addition to an extensive forensic examination, our investigation also included an extensive manual document review exercise.

On January 7, 2022, our investigation concluded that one or more of the electronic documents that were acquired contain a limited amount of customer information, including yours.

What information was involved?

Based on our thorough investigation, we have discovered that the electronic documents contain your

What you can do.

To protect you against potential misuse of your information, we offer a free one-year membership to Equifax® Credit WatchTM Gold. Equifax® Credit WatchTM Gold is completely free to you and signing up for this program will not hurt your credit score. For more information on Identity Theft Prevention and Equifax® Credit WatchTM Gold, including instructions on how to activate your free one-year subscription, please see the additional information provided in this letter.

This letter also provides other precautionary measures you can take to protect your personal information, including placing a fraud alert and security freeze on your credit records, and obtaining a free credit report. Additionally, you should always remain vigilant by regularly reviewing your financial account statements and credit reports for any fraudulent or irregular activity.

For more information.

Please accept our apologies for this incident. We are committed to maintaining the confidentiality of the personal information in our possession and have taken numerous precautions to protect it. We continually evaluate and modify our practices and internal controls to improve the security and privacy of your personal information.

If you have any further questions regarding this incident, please call our dedicated and confidential toll-free response line that we have set up to answer questions at [redacted]. This line of intervention is made up of professionals familiar with this incident and who know what you can do to protect yourself against the misuse of your information. The answer line is available Monday through Friday, 9 a.m. to 9 p.m. Eastern Time.