1st Franklin Financial Corporation Master Welfare Benefit Plan

The breach at 1st Franklin Financial Corporation Master Welfare Benefit Plan in Georgia involved a significant data security incident that compromised consumer data stored on the company’s computer network. On November 17, 2022, 1st Franklin Financial Corporation (1FFC) experienced a cyberattack that led to unauthorized access to certain files within the company’s IT network. This breach was officially reported to the Attorney General of Montana on February 14, 2023, after the company confirmed the incident[1].

The compromised data included sensitive personal information such as consumers’ names, Social Security numbers, bank account numbers and routing numbers, and certain information contained in consumers’ credit reports. In response to the breach, 1FFC began an investigation to secure its systems and review the affected files to determine the extent of the information compromised and which consumers were impacted[1].

As a result of the investigation, 1FFC sent out data breach notification letters on January 10, 2023, to all individuals whose information was compromised due to the security incident. These letters aimed to inform the affected consumers about the breach and the steps the company was taking in response, including the measures individuals could take to protect themselves from potential identity theft or fraud[1][8].

1st Franklin Financial Corporation, founded in 1941 and based in Toccoa, Georgia, is a financial services company that provides a wide range of financial services, primarily focusing on consumer loans. The company operates through more than 340 branches and employs over 1,442 people, generating approximately $213 million in annual revenue[1].

The breach has raised concerns about the company’s commitment to data privacy and the effectiveness of its cybersecurity measures. Consumers affected by the breach have been advised to take precautions to protect their personal information and monitor their financial accounts for any unauthorized activity[1][8].

Citations:

1. https://www.jdsupra.com/legalnews/1st-franklin-financial-corporation-2797955/
2. https://oag.ca.gov/privacy/databreach/list
3. https://www.classaction.org/media/laney-v-1st-franklin-financial-corporation.pdf
4. http://ago.vermont.gov/document/2023-03-02-1st-franklin-financial-corporation-data-breach-notice-consumers
5. https://www.mass.gov/doc/assigned-data-breach-number-29167-1st-franklin-financial-corporation/download
6. https://consumer.sc.gov/identity-theft-unit/security-breach-notices
7. https://apps.web.maine.gov/online/aeviewer/ME/40/list.shtml
8. https://www.myinjuryattorney.com/data-breach-at-1st-franklin-financial-corporation/
9. https://dojmt.gov/consumer/databreach/