Scam of the day – October 4, 2014 – J.P. Morgan update and credit freeze information

Last Thursday, in a required SEC filing,  J.P. Morgan Chase & Co. reported that the data breach, which we reported to you about when it was first discovered during the summer, was much larger than initially thought.  At the time, J.P. Morgan believed that only a million accounts were compromised, but now, J.P. Morgan is indicated that information on 76 million households and 7 million small businesses was stolen by hackers thought to be from Russia or another Eastern European country.  According to the SEC filing, J.P. Morgan says that the information stolen included names, addresses, phone numbers and email addresses.  At this time J.P. Morgan is saying that they are not aware of fraudulent activities tied to the data breach and that no account numbers, passwords, user IDs or Social Security numbers were stolen.  The data breach apparently began in June and went on until discovered in mid August, which is especially troubling because it provided time for the hackers to cover their tracks for what may have been their true goal.  The hackers did manage to gain access to the entire list of applications and programs used by J.P. Morgan Chase on its computers which could then be evaluated by the hackers for inevitable vulnerabilities that could be exploited at a later time.  Obviously J.P. Morgan is busy trying to protect against this threat.

TIPS

For customers of J.P. Morgan Chase, now is not the time to run and hide nor take your money out of the bank.  In fact, at the time that the FBI began its initial investigation of this data breach during the summer, it indicated that it was looking into possible data breaches of as many as four other banks as well.  It may well be that we are not yet aware of the breaches that occurred and may still be going on in other banks.  You can expect either the hackers, people who the hackers sell the information they gathered and even totally independent identity thieves to start contacting people through emails, text messages and phone calls purporting to be from J.P. Morgan Chase.  In these contacts, they will attempt to lure unsuspecting victims into providing personal information under various guises or clicking on links to obtain what may appear to be important information.  However, if you provide that personal information all you will do is end up a victim of identity thief.  If you click on the links in emails or text messages appearing to be from J.P. Morgan you may well end up downloading keystroke logging malware that will steal all of the information from your computer that will be used to make you a victim of identity theft.  Trust me, you can’t trust anyone.  Even if your Caller ID appears to show that the call you receive is form J. P. Morgan Chase, scammers are able to make their calls appear to be from J.P. Morgan Chase through a tactic called spoofing.  The best course of action if you receive any purported communication from the bank is to not respond directly, but instead contact the bank independently on your own to find out what the truth is.

This also may be a good time to consider putting a credit freeze on your credit report so that even if someone manages to obtain your Social Security number and other personal information, they will be unable to access your credit report and run up large debt in your name.  A separate credit freeze needs to be established at each of the three major credit reporting agencies to be effective.  Here are the links to the pages at Experian, TransUnion and Equifax where you can put a credit freeze on your report and get some peace of mind.

TransUnion http://www.transunion.com/personal-credit/credit-disputes/credit-freezes.page

Equifax https://www.freeze.equifax.com/Freeze/jsp/SFF_PersonalIDInfo.jsp

Experian https://www.experian.com/freeze/center.html

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