Many Atlanta business owners and individuals may have heard the alarming news that Capital One’s systems were compromised leaving sensitive data exposed. It was reported that information on 100 million US customers was compromised from credit card applications (both small businesses and individuals) submitted between 2005 and early 2019. Information such as names, address, social security numbers, income information, phone numbers, and emails was exposed. It also appears that information on credit scores, limits and balances were also taken. The FBI has formally pressed charges against the suspected perpetrator who is believed to have acted alone. This situation has left many wondering what steps they can take to determine if they were impacted and how to protect themselves. To help clients, prospects, and others, Wilson Lewis has provided a summary of steps to protect sensitive information.

Assessing the Impact

  • Email Communication – The bank indicated they will be reaching out to affected account holders via email to inform them of the impact. However, they made it clear these communications will not include requests for any personally identifiable information. If someone claims to be representing the institution asking for this information, be sure not to share any information as they are likely attempting to perpetrate an additional scam.
  • Credit Monitoring – For those impacted by the event the bank will be providing free credit monitoring. Those who have not been identified as being directly impacted would be wise to sign up for a credit monitoring service to ensure unwanted activities are not occurring. There are many programs available from the three major credit reporting agencies including Equifax, TransUnion and Experian. Note that one free credit report can be requested per year, so if the request has not been made then now is a good time to do so.
  • Fraud Alerts – Most creditor monitoring services offer the ability to set up fraud alerts. This will track when someone attempts to apply for a loan using an individual or businesses credit using one’s identity. Setting up a fraud alert is easy because all one needs to do is make the request with the credit reporting agency.
  • Credit Freeze – This level of protection allows one to prevent others from accessing the credit report without specific permission being granted. It’s a beneficial tool because it prevents scammers from getting new loans or financing using one’s credit profile. Essentially, it prevents lenders from getting any credit information which ensures new loans will not be issued. Just remember to unfreeze credit if there are plans on applying for a new credit card or consumer loan.

Frequently Asked Questions

To learn more about the breach and how Capital One is responding they have compiled a list of FAQs which may be of interest.

Contact Us

It’s essential to safeguard individual and business credit information to maintain a healthy financial profile. The unfortunate reality is such breaches are becoming more common and appropriate safeguards should be implemented. If you have questions about a tax, audit or financial reporting issue, Wilson Lewis can help! For additional information call us at 770-476-1004 or click here to contact us. We look forward to speaking with you soon.

Erin Carter

Share
Published by
Erin Carter

Recent Posts

Outsourced Accounting for Real Estate Developers

Real estate developers have some of the most complex accounting needs of any industry. Projects…

2 days ago

New Guidance on Expanded Paid Family and Medical Leave Tax Credit

The IRS has issued guidance on the newly expanded paid family and medical leave (PFML)…

1 week ago

A Guide to the Month-End Close for Nonprofits

Americans donated an estimated $617.2 billion to charitable organizations in 2025, according to a recent…

4 weeks ago

Key Business Provisions in the 21st Century ROAD to Housing Act

The 21st Century ROAD to Housing Act (H.R. 6644) became law on July 11, 2026,…

4 weeks ago

Participant Support Costs in a Single Audit: What Auditors Look For

Federal grants are divided into different budget categories, and each one comes with its own…

1 month ago

Effective Cash Flow Management for Nonprofits

Many nonprofits have enough funding to support the mission. The challenge is that funding doesn’t…

1 month ago