USAA Data Breach: What You Need to Know

On June 28, 2023, USAA announced that it had experienced a data breach that exposed the personal information of a limited number of its members. The breach affected less than 0.15% of USAA's membership, which is over 13 million people.

The breach was caused by unauthorized individuals gaining access to personal information through employees of a USAA contractor. The information that was exposed included names, Social Security numbers, birthdates, addresses, and military service information.

USAA has notified all affected members and is offering them two years of free membership in Experian's IdentityWorks program. This program can help members to monitor their credit reports and identity for signs of fraud.

SEC/FINRA Rules/Regulations Broken:

• The SEC's Regulation S-P requires financial institutions to protect the privacy of their customers' personal information.
• The FINRA's Rule 3390 requires member firms to have written policies and procedures in place to protect the security of customer information.

Steps USAA Should Take to Ensure This Doesn't Happen Again:

• USAA should conduct a thorough investigation of the breach to determine how it happened and how it can be prevented in the future.
• USAA should implement additional security measures to protect its customers' personal information.
• USAA should provide its customers with more information about the breach and how they can protect themselves from identity theft.

Tips for Protecting Yourself from Identity Theft:

• Place a fraud alert on your credit reports.
• Review your credit reports for any unauthorized activity.
• Monitor your bank and credit card accounts for suspicious activity.
• Use strong passwords and change them regularly.
• Be careful about what personal information you share online.

If you are a USAA member, you can check to see if your information was affected by the breach by visiting USAA's website. You can also get a free copy of your credit report from each of the three credit bureaus once a year.

About Quest CE

For over thirty years, Quest CE has been the premier provider of compliance training and tracking solutions to the financial services industry. In addition to offering on-demand insurance and designation continuing education, Quest CE provides a complete spectrum of proprietary technology solutions for managing compliance risk exposures.

Serving more than 2,400 leading insurance carriers, broker-dealers, banks, and other financial institutions, Quest CE is committed to providing advanced custom solutions at cost-effective rates, while providing a level of service that greatly surpasses that of our competitors. Quest CE is the single source solution for organizations’ training and compliance needs. For more information on Quest CE, visit?www.questce.com .

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