DON’T SETTLE: Capital One users owed up to $25k in $190m data breach settlement can still access benefits – check if you’re eligible
According to The Sun, Americans impacted by Capital One’s data breach in 2019, which affected 98 million customers, may still access certain benefits under the settlement, including identity protection services, even though the claims process for financial compensation is now closed.
Overview of the Settlement and Payments
Following the 2019 data breach that exposed sensitive information of millions of customers and credit card applicants, Capital One faced a class action lawsuit that resulted in a $190 million settlement approved in 2022. Impacted customers were invited to submit claims by the September 30, 2022, deadline, with initial payments up to $25,000 issued last September. Claimants who accepted their initial payments received a second round of payments on September 4, 2024.
Current Benefits for Class Members
Although the cash payment period has closed, Capital One continues to provide eligible Settlement Class Members with Identity Defense Services and Restoration Services. A notice on Capital One’s website clarifies:
“The Settlement is final, and the claims process is closed. The only active benefits currently available to Settlement Class Members are Identity Defense Services and/or Restoration Services.”
These services have been extended until February 13, 2028. Additionally, Capital One is offering Pango identity protection for all class members, regardless of claim status, which will cover a total of five years.
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How to Enroll in Identity Protection Services
Customers who previously requested Identity Defense Services should have received an email with enrollment instructions. However, anyone who did not receive the email may still enroll to protect against potential misuse of their information. Restoration Services are also available to all class members, even if they did not submit a claim, ensuring support in case of identity theft or other related issues.
Lasting Impact and Industry Implications
The Capital One settlement has had a ripple effect on the financial sector, emphasizing the need for robust cybersecurity measures. ABC News reported that banks and financial institutions are likely to increase investments in cybersecurity and reassess their fee policies to prevent future legal issues.
The Order and Judgment Granting Final Approval of Class Action Settlement was formally issued on September 13, 2022, marking a significant push for improved security standards across the industry.