Mr. Cooper Cybersecurity Incident Exposes Customer Data

Mr. Cooper Group, one of the largest mortgage service providers in the US, revealed a security incident that is said to have compromised personal data of some of its customers.

The October 31 cyberattack not only allowed unauthorized actors gain access to the firm’s network, but also led to a disruption of services, particularly processing of customer payments.

In a public notice, the Texas-headquartered firm stated that upon discovery, an investigation was immediately launched to determine the nature and impact of the attack. Although the details remain unconfirmed, Mr. Cooper said that it will continue ‘’to investigate precisely what information was exposed,’’ and offer free credit monitoring services to impacted customers.

It also advised customers to monitor their bank accounts and credit reports and urged them to notify any suspicious or unauthorized activity immediately to the concerned bank.

As a precautionary measure, customers were advised to set up ‘fraud alert’ on their files with the credit bureaus for additional protection.

‘’You can also contact the three major credit bureaus to place a “fraud alert” on your file at no cost, which alerts creditors to contact you before they open a new credit account under your Social Security number. Additionally, you should update your passwords frequently and with increasing complexity and be mindful to not use the same password across multiple personal accounts,’’ the notification advised.

The mortgage provider assured customers that the attack would not result in any penalties or late fee payment charges.‘’As long as your November payment is received by the end of the month, you will not incur any fees, penalties or negative credit reporting related to late payments as we work to fix this issue.’’

Formerly Nationstar Mortgage LLC, the home loan service provider claims to have 4.3 million customers in the US, and is said to manage mortgages worth $937 billion by the end of Q3, 2023.