Credit Infocenter

Morningstar Breach May Have Compromised Client Credit Card Information

July 7th, 2013 · No Comments · Identity Theft

by Kristy Welsh

(Last Updated On: February 26, 2018)
Investment research provider Morningstar confirms a breach may have affected 2,300 clients who had credit card information stored in its system.

Investment research provider Morningstar confirms a breach may have affected 2,300 clients who had credit card information stored in its system.

Though details are just now coming to light, it was back in April of 2012 when hackers breached the system of investment research provider Morningstar.

As reported by USA Today, on April 3, 2013, hackers breached Morningstar’s Document Research System, formerly 10-K Wizard, gaining access to client emails, passwords and credit card numbers. Morningstar confirms the breach may have affected 2,300 clients who had credit card information stored in the system. The emails and passwords of 182,000 clients may also have been compromised. Fortunately, it doesn’t appear the Morningstar hackers have misused any of the credit card information. But just in case, Morningstar is offering 12 months of free identity protection to anyone who falls victim to credit card fraud as a result.

Though the Morningstar breach has not, thus far, resulted in any monetary losses for clients.

May all of this serve as a sobering reminder of the vulnerability of our credit card information. If and when you find yourself a victim of fraud, a proactive response is imperative:

  1. Contact the Credit Bureaus. Place a “Fraud Alert” on your credit reports by calling any one of the credit bureaus. This alert can stop a thief from opening additional accounts in your name.
  2. File a Police Report. File a report with your local police station and keep a copy of the report if you have to deal with any creditors.
  3. Contact the Card Issuer. Immediately contact the issuer of the credit card that was lost or stolen. Follow up this call with a letter so you have the report documented.
  4. File a Complaint with the FTC. The FTC handles complaints from victims of identity theft, provides information to those victims, and refers complaints to major credit reporting and law enforcement agencies. The FTC can also refer your complaint to other government agencies and companies for further action, as well as investigate companies for violations of laws the agency enforces.

Of course, prevention is preferable. While there is no guarantee, there are a number of steps you can take to minimize the risk of credit card fraud.

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