Cybersecurity Issues For Clients Now Becomes Top-Discussed Topic After T-Mobile Data Breach

Recently T-Mobile revealed that they have compromised millions of their customers’ data due to a cyberattack. This incident highlights the issue of cybersecurity for current, former, and prospective clients of any company. Experts suggest that financial advisers should be proactive to protect their client’s data.

According to T-Mobile company’s statement the names, social security numbers, and driver’s license information were hacked. They mentioned that their 7.8 million postpaid customers, 850,000 prepaid customers, and more than 40 million past or prospective customers are affected by this data breach. The authority of T-Mobile said, “urgently investigating the highly sophisticated cyberattack against T-Mobile systems.”

President and founder of the Oasis Group, John O’Connell said. “What will happen there is that if someone tries to re-register [a client’s] SSN, they can’t because you’ve already been notified that your SSN was compromised. Advisers should also have clients freeze their credit on all three of the major credit bureaus.”

Tara Unverzagt, a financial planner with South Bay Financial Partners said, “The IRS PIN is really important and not all financial advisers realize this. SSNs are used to file false tax returns that have a major refund that is put in a bank account that is connected with the ‘bad guy’ not the real person.”

Tara also wrote, “When the real person files their tax return, they can’t and they may not be able to refile for a number of years after that. So best to make sure nobody files a tax return with your tax ID.”