Fintech Firm Ingo Money Facing Class Action Lawsuit Over Reported Data Breach Announced in June 2024

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A proposed class action lawsuit claims negligent cybersecurity on the part of Ingo Money, Inc. resulted in a reported 2023 data breach that allegedly compromised the personal information of its clients’ customers.

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The 61-page data breach lawsuit says the Georgia-based fintech company, which provides push payment software and check risk management services, detected unusual activity on certain computer systems in November 2023. Per the suit, a subsequent investigation revealed that an unauthorized third party had gained access to Ingo Money’s network and certain files stored therein at some point in the weeks prior.

As a result of the incident, a “gold mine” of confidential information—including names, Social Security numbers, financial account information, driver’s license numbers and addresses—has been exposed to cybercriminals, the case shares.

Ingo Money’s allegedly lax data security practices and network monitoring are to blame for the cyberattack, the complaint contends, arguing that the company would have discovered the data breach sooner had it “properly monitored its networks.”

To make matters worse, although the defendant purports to have learned of the incident in November 2023, the company waited until late June 2024—roughly seven months later—to begin sending data breach notice letters to victims, the filing charges.

The delay meant that, during that time, victims were entirely unaware that they were at a significant risk of being targeted for cybercrimes by data thieves, the privacy lawsuit asserts.

According to the suit, Ingo Money has provided data breach victims with no compensation or means of protecting themselves aside from a one-year offer of credit monitoring services. In addition, the company has offered “no assurance” that the compromised data has been recovered or destroyed, or that it has improved its cybersecurity to prevent future incidents, the case says.

The Ingo Money data breach lawsuit looks to represent anyone in the United States who had private information accessed and/or acquired as a result of the cyberattack, including those who were sent notice of the incident.

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