Financial Asset Management Systems (“FAMS”)

On November 4, 2023, Financial Asset Management Systems, Inc. (FAMS) reported a data breach to the U.S. Department of Health and Human Services Office for Civil Rights following a network disruption on March 31, 2023, which led to unauthorized access to sensitive consumer information. The breach was discovered when FAMS employees were unable to access certain files on the company’s computer network. Law enforcement was notified, passwords were reset, and cybersecurity specialists were brought in to investigate. The investigation confirmed unauthorized access to information stored on FAMS’s network, including confidential consumer data.

FAMS completed the review of the compromised files by August 31, 2023, and began sending out data breach notification letters to the affected individuals on November 4, 2023. These letters were intended to inform the victims about the compromised information and the steps they could take to protect themselves from potential identity theft and fraud.

Financial Asset Management Systems, Inc. is a debt collection company based in Woodstock, Georgia, serving various industries, including education, healthcare, telecom, financial services, and government entities. The company employs over 284 people and generates approximately $78 million in annual revenue[1].

The breach affected as many as 164,000 individuals, and the compromised information may have included names and Social Security numbers. FAMS offered identity theft protection services and credit monitoring to potentially impacted individuals for 24 months. They also encouraged affected individuals to remain vigilant by reviewing their account statements and credit reports for suspicious activity[1][16].

For more detailed information on the breach, individuals could contact FAMS’s dedicated assistance line or refer to the data breach notification letters sent by the company[1][16].

Citations:

1. https://www.jdsupra.com/legalnews/fams-recovery-solutions-notifies-164-3378337/
2. https://oag.ca.gov/privacy/databreach/list
3. https://apps.web.maine.gov/online/aeviewer/ME/40/list.shtml
4. https://www.thelyonfirm.com/blog/financial-asset-management-systems-data-breach/
5. https://www.hipaajournal.com/march-2023-healthcare-data-breach-report/
6. https://healthitsecurity.com/news/ga-health-system-reports-healthcare-data-breach
7. https://www.myinjuryattorney.com/data-breach-investigation-financial-asset-management-systems/
8. https://www.mass.gov/doc/financial-asset-management-systems-inc-response-to-rfr/download
9. https://www.govinfo.gov/content/pkg/CHRG-114hhrg97917/html/CHRG-114hhrg97917.htm
10. https://apps.web.maine.gov/online/aeviewer/ME/40/176fb75b-23f8-4a8d-a8db-85b6c8695872/44875b17-bdaa-452f-af24-c48ab4e2cc93/document.html
11. https://www.idstrong.com/sentinel/first-american-pays-a-488000-data-breach-fine/
12. https://www.gao.gov/assets/a242813.html
13. https://apps.web.maine.gov/online/aeviewer/ME/40/176fb75b-23f8-4a8d-a8db-85b6c8695872.shtml
14. https://www.databreachtoday.com/emory-faces-breach-lawsuit-a-4848
15. https://casetext.com/case/bw-orchards-llc-v-spiech-farms-ga-llc
16. https://www.mass.gov/doc/assigned-data-breach-number-30639-financial-asset-management-systems/download
17. https://www.hipaajournal.com/avem-health-partners-emory-healthcare-data-breaches/
18. https://www.bbb.org/us/ga/woodstock/profile/collections-agencies/financial-asset-management-systems-inc-0443-595/complaints
19. https://www.govinfo.gov/content/pkg/CHRG-114hhrg99658/html/CHRG-114hhrg99658.htm
20. https://www.suethecollector.com/financial-asset-management-systems-inc/