The possibility of receiving up to $4,200 in compensation for qualified individuals is a major development for those impacted by the May 2023 Paycom data breach. A $900,000 class-action settlement was recently reached by Paycom, a significant participant in the payroll and HR software sector, to compensate victims of the breach that exposed private data and may have resulted in fraud and identity theft.
How Much Can You Claim from the Settlement?
The losses a person sustained as a result of the breach determine how much compensation they are eligible to receive. The following are the claims’ specifics:
- Out-of-Pocket Losses: Up to $2,500 can be claimed by anyone who can provide proof of monetary losses that were directly caused by the breach.
- Identity Theft Losses: In addition to three years of credit monitoring services, people may be eligible to receive up to $4,200 if the breach resulted in identity theft.
- To get the right amount of compensation, you must make sure you fulfill the requirements and adhere to the procedure specified in the settlement.
Paycom settlement eligibility criteria
- The impacted person must first reside in the United States in order to be eligible for payment.
- The second, and possibly most crucial, criteria is that the person wishing to receive a portion of the payment must have been impacted by the breach; in this example, that means that their personal data with Paycom was accessed between July and October 2023.
- If you were not informed by Paycom, you probably do not have a claim because the firm promptly notified all impacted individuals whose data was stolen by the incident.
- A postcard notice regarding the settlement with a Claim Login ID and Claim Login PIN printed on it may have been sent to some of the individuals who were not contacted directly by the corporation.
Understanding the Paycom Data Breach
In May 2023, a flaw in the MOVEit Transfer software caused a data breach for Paycom. Numerous Paycom consumers’ and employees’ personal information was made public due to a security flaw in the popular file sharing program MOVEit. Names, Social Security numbers, and other private information were among the sensitive data that was compromised.
