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Mr. Cooper's Online Payments Cyber Breach: Millions Affected

Cyber Breach Hits Mr. Cooper’s Online Payments for Millions

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175 Listen to this article In a significant turn of events, major mortgage servicer Mr. Cooper has fallen victim to […]

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In a significant turn of events, major mortgage servicer Mr. Cooper has fallen victim to a cyberattack lasting over a week, resulting in a disruption of online services and payment platforms for its vast customer base. Mr. Cooper, a powerhouse in the U.S. mortgage servicing sector, boasting approximately 4.3 million customers and mortgage servicing rights valued at around $937 billion as of the end of the third quarter in 2023, faced the cyber onslaught on October 31.

Immediate Response

In response, the company took immediate action, implementing security measures to safeguard data, consequently temporarily disabling customers’ ability to make mortgage payments through their online accounts.

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Details of the Cyberattack

While the specifics of the cyberattack remain shrouded in mystery, Mr. Cooper disclosed to FOX Business that an “unauthorized third party gained access to certain technology systems.” The company swiftly activated response protocols, deploying containment measures to protect systems and data and proactively shutting down specific systems.

Investigation and Assurance

Mr. Cooper, emphasizing its commitment to customer data privacy, announced an ongoing investigation conducted in collaboration with leading cybersecurity experts and law enforcement. According to the company, the cybersecurity incident appears to be confined to specific Mr. Cooper systems and technology, with no reported impact on clients’ or partners’ systems and technology.

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Restoration Efforts

Amid efforts to restore normalcy, Mr. Cooper has successfully reinstated some of its systems. The company communicated, “At this time, we are able to provide limited loan information to our customers via their online accounts.” It encourages customers to regularly check their online accounts for real-time updates.

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Customer Assurance

Addressing concerns of affected customers, Mr. Cooper assured that those with loans serviced by the company and facing payment challenges “will not incur fees, penalties or negative credit reporting as we work to fully resolve this issue.

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Alternative Payment Methods

This week, Mr. Cooper reopened its online payment services, offering alternative payment methods such as phone payments with a debit card, mail payments with a check or money order, and transactions through Western Union Quick Collect and MoneyGram ExpressPayment.

Cybersecurity Recommendations

Despite uncertainties surrounding the cyberattack’s scope, cybersecurity experts recommend affected individuals to monitor their credit reports diligently. Mike Scheumack, Chief Innovation Officer at IdentityIQ, advised, “If you feel your personal information is at risk, there are a few actions you can take right away,” including changing account passwords, monitoring financial accounts, placing a fraud alert with the three major credit bureaus, and enrolling in identity theft protection and credit report monitoring.

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