If you were affected by the Paycom data breach in May 2023, you might qualify for compensation of up to $4,200. This comprehensive guide will walk you through eligibility requirements, claim options, and the steps to file your claim. From reimbursing financial losses to offering credit monitoring services, the settlement provides significant relief for those impacted.
Overview of the Paycom Settlement
Paycom, a leading provider of payroll and HR software, has agreed to a $900,000 class-action settlement following a data breach that exposed sensitive personal information. Victims may qualify for compensation ranging from cash reimbursements to credit monitoring services, depending on the type and extent of their damages.
Key Details of the Settlement
| Details | Key Information |
|---|---|
| Breach Period | May 28 – June 2, 2023 |
| Settlement Fund | $900,000 |
| Compensation Options | Up to $4,200 for extraordinary losses, $2,500 for out-of-pocket expenses, $100 for time spent, $25 cash alternative, or three years of free credit monitoring |
| Claim Deadline | November 7, 2024 |
| Eligibility | U.S. residents notified between July and October 2023 |
| Official Website | Paycom Data Settlement |
What Happened? The May 2023 Paycom Data Breach
The breach occurred between May 28 and June 2, 2023, due to a vulnerability in the MOVEit Transfer software—a tool widely used for secure file transfers. Hackers exploited the flaw, potentially accessing sensitive personal information such as names, Social Security numbers, and other private details of Paycom clients and employees.
How the Data Breach May Impact You
A data breach of this scale can have severe repercussions, including:
- Identity Theft: Stolen data can be used to open fraudulent accounts or loans.
- Financial Fraud: Criminals may access financial accounts, causing unauthorized transactions.
- Credit Damage: Fraudulent activity can negatively impact your credit score.
Paycom’s settlement aims to mitigate these risks by offering financial compensation and credit monitoring services to victims.
Who Is Eligible for Compensation?
To qualify for the settlement, you must meet the following criteria:
- U.S. Residency: Only residents of the United States are eligible.
- Breach Notification: You must have received a formal notification of the breach between July and October 2023.
If you meet these conditions, you can claim compensation through one of several options.
Available Compensation Options
1. Out-of-Pocket Expense Reimbursement
If you incurred direct costs because of the breach, you may claim up to $2,500. Eligible expenses include:
- Credit monitoring fees.
- Costs for replacing lost or compromised documents (e.g., IDs, passports).
- Legal fees related to identity theft.
Documentation Needed: Receipts, credit card statements, or other proof of expenses.
2. Compensation for Time Spent
Paycom offers up to $100 for the time spent dealing with breach-related issues, such as monitoring credit reports or resolving fraudulent activity.
- Rate: $25 per hour, up to four hours.
- Documentation: Not required, but you must describe the actions taken and time spent.
3. Extraordinary Loss Compensation
For victims who experienced severe financial harm, up to $4,200 is available. Examples include:
- Unauthorized bank transactions.
- Long-term credit fraud affecting financial stability.
- Extensive efforts to resolve identity theft.
Documentation Needed: Police reports, bank statements, or identity theft reports.
4. Free Credit Monitoring Services
Paycom offers three years of complimentary credit monitoring to help protect your information and alert you to suspicious activity.
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5. $25 Cash Alternative
If none of the above options suit your needs, you can request a $25 cash payment instead.
How to File Your Claim
Follow these steps to submit your claim by the November 7, 2024, deadline:
- Gather Documentation
Collect all necessary documents, such as bank statements, receipts, or reports, to support your claim. - Visit the Official Website
Go to the Paycom Data Settlement website to access the online claim form. Alternatively, you can download and mail the form. - Complete the Claim Form
Provide accurate information about your compensation request and include any required documentation. - Submit the Claim
Submit your form online or mail it to:
Paycom Data Settlement
Settlement Administrator
PO Box 25203
Santa Ana, CA 92799
Note: Mailed claims must be postmarked by November 7, 2024.
- Wait for Confirmation
The Settlement Administrator will review your claim. Final payouts depend on the number of approved claims and the total settlement amount.
Frequently Asked Questions (FAQs)
1. When is the claim deadline?
The deadline to file your claim is November 7, 2024.
2. How much can I receive?
Eligible individuals can receive between $25 and $4,200, depending on their losses and the type of claim.
3. Do I need documentation?
Documentation is required for extraordinary losses and out-of-pocket expenses. Time-based and cash alternative claims do not require documentation.
4. When will payments be issued?
Payments will be distributed after the final approval hearing on December 13, 2024.
5. How can I contact the Settlement Administrator?
Call 844-804-3284 or visit the official settlement website for assistance.
Act now to ensure you receive the compensation you’re entitled to for the Paycom data breach.
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