Ingo Money Data Breach Settlement: $1.5M

Individuals who received a data breach notification from Ingo Money stating their private information may have been compromised in a cyberattack on November 3, 2023.

To claim reimbursement for out-of-pocket losses or identity theft-related damages, class members must submit documentation, such as:

• Bank statements
• Receipts for fraud-related expenses
• Invoices for identity theft protection services
• Phone and internet charges incurred to respond to the breach
• Postage, gasoline, and other incidental costs linked to fraud resolution

Ingo Money, a financial technology company, agreed to pay $1.5 million to settle a class action lawsuit following a 2023 data breach that allegedly compromised the personal and financial data of its customers.

Ingo Money provides mobile check cashing, digital payment, and banking services, partnering with H&R Block, NetSpend, Green Dot, and other financial institutions.

According to the class action lawsuit, the data breach allegedly compromised sensitive consumer information, including:

• Names
• Social Security numbers
• Financial account details
• Driver’s license numbers

Plaintiffs argued that Ingo Money failed to implement reasonable cybersecurity safeguards, leading to unauthorized access to customer data. The lawsuit claims these failures violated various state consumer protection laws and put affected individuals at risk of identity theft and fraud.

Ingo Money denies any wrongdoing but agreed to settle the case to avoid prolonged litigation.

Under the Terms of the Settlement

Class members can claim up to $5,000 for documented financial losses related to the data breach. Eligible reimbursements include:

• Unreimbursed fraud or identity theft losses
• Bank fees related to unauthorized transactions
• Professional services (e.g., attorneys, credit repair specialists)
• Costs for freezing or unfreezing credit reports
• Credit monitoring expenses

If a class member did not experience direct financial losses or chooses not to submit documentation, they can still receive a pro rata cash payment. The final amount will depend on the number of claims filed.

In addition to cash payments, all class members are eligible for three years of free credit monitoring and identity theft insurance, including:

• Dark web monitoring
• Three-bureau credit monitoring
• $1 million in identity theft protection

As part of the settlement, Ingo Money also committed to improving its cybersecurity practices to prevent future breaches. The company will invest $350,000 in security upgrades to enhance data protection measures.