Lender Data Breach? Don't Panic. Your 5-Step Action Plan

In today's digital world, data breaches have become an unfortunate reality, affecting even the biggest and most secure companies, including banks and lenders. Seeing a headline that your financial institution has been hacked can be incredibly stressful, but there's no need to panic.

By taking a few calm, methodical steps, you can significantly protect your identity and your finances. Here's your 5-step action plan.

Step 1: Confirm the Facts (and Ignore the Scams)

Your first step is to get official information. Visit your lender's official website or log in to their secure app for updates. Wait for direct communication from them. Be extremely wary of any unsolicited emails, text messages, or phone calls about the breach, even if they look legitimate. Scammers will immediately use the news to launch convincing 'phishing' attacks.

Step 2: Secure Your Digital Accounts

Immediately change the password for your online banking portal with the affected lender. Make it a strong, unique password you don't use anywhere else. Crucially, enable two-factor authentication (2FA) on that account and any other important accounts (like your email) if you haven't already.

Step 3: Monitor Your Financials Closely

For the next few months, be vigilant.

• Check Bank Accounts: Keep a close eye on your bank and credit card statements for any transactions you don't recognise.
• Get Your Credit Report: You are entitled to a free copy of your credit report. Check it now, and again in a few months, to ensure no fraudulent loans or accounts have been opened in your name.

Step 4: Be on High Alert for Phishing

Understand that your stolen data (e.g., your name, email, and the fact that you're a customer of that bank) will be used by scammers. They will craft highly personalised and convincing emails and texts. Remember the golden rule: Never click on links or provide personal information in response to an unsolicited message. If you're unsure, contact the institution directly using their official public contact details.

Step 5: Seek Expert Support & Consider Your Options

If you suspect your identity has been compromised, contact IDCARE immediately. They are Australia's national identity and cyber support service and can provide expert, compassionate advice.

Finally, an event like this can understandably damage your trust in a financial institution. It may be the perfect catalyst to review your banking relationships. If you're considering your options, we can help you explore refinancing your mortgage to a new lender, ensuring you not only regain peace of mind but also get the best possible deal in the process.

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