IOU Financial Data Breach Class Action

At Console & Associates, our data breach lawyers are closely examining the recent IOU Financial data breach. This data breach was disclosed following a cyber security incident at IOU Financial, which may have affected an undetermined number of individuals, potentially exposing sensitive personal identifiable information.

What Happened?

A recent report from the Attorney General of Texas states that the IOU Financial data breach occurred due to a cyber security incident that allowed unauthorized access to confidential information in the company's possession. While specific details about the attack methodology have not been disclosed, the investigation confirmed that sensitive data was compromised.

The exposed information includes names, Social Security numbers, driver's license numbers, government-issued ID numbers, and financial information of affected individuals. The scope of this breach is particularly concerning given the sensitive nature of the compromised data.

Data breach letters were sent out by IOU Financial on March 26, 2025, informing affected individuals about the nature of the incident and compromised data.

Steps To Take If You Were Affected By A Data Breach

1. Monitor all accounts and credit reports closely
   1. Set up alerts for suspicious activity
   2. Review all financial statements thoroughly
   3. Request free credit reports and examine them for unauthorized entries
      
      
2. Consider freezing your credit
   1. Contact all three major credit bureaus to place a freeze
   2. Understand this prevents new accounts from being opened in your name
   3. Remember to temporarily lift the freeze when applying for legitimate credit
      
      
3. Look out for phishing attempts using information from the IOU Financial data breach
   1. Be wary of unexpected emails or messages claiming to be from IOU Financial
   2. Don't click on suspicious links or download unexpected attachments
   3. Verify all communications through official channels
      
      
4. Change passwords for affected accounts
   1. Create strong, unique passwords for each account
   2. Use a combination of letters, numbers, and special characters
   3. Consider using a password manager for better security
      
      
5. Enable two-factor authentication where possible
   1. Add this extra layer of security to all important accounts
   2. Use authenticator apps rather than SMS when available
   3. Keep backup codes in a secure location

For more detailed guidance, explore our “Guide for Victims of a Data Breach” to better understand measures you can take to protect yourself after a data breach.

IOU Financial Overview

IOU Central Inc., which conducts business as IOU Financial Inc., operates in the financial technology sector with a focus on small business lending services. The company maintains dual headquarters, with its corporate base in Montreal, Quebec, and its United States operations centered in Kennesaw, Georgia. IOU Financial utilizes an online platform to provide lending solutions to small businesses throughout the United States. Their services are designed to address working capital requirements for commercial clients seeking financing alternatives. The organization maintains a workforce of approximately 66 employees and reports annual revenue figures of around $12 million. As a financial services provider, IOU Financial processes and stores sensitive financial and personal information from loan applicants and clients, making the recent data breach particularly significant for affected individuals.

IOU Financial Data Breach Victims Have Rights - Don’t Wait to Act

How do you know that you were affected by the IOU Financial data breach? Usually victims receive a NOTICE OF DATA BREACH in the mail, but the impact of a breach can be felt long before notices are sent to those affected. This can be in the form of fraudulent financial activity and other forms of identity theft.

If you believe you were affected, we encourage you to reach out to our data breach law firm for legal assistance through a no-cost consultation about your situation. We will review your eligibility to file a data breach class action lawsuit and discuss your legal rights and any compensation that may be available to you.

Complete our confidential contact form below and a member of our legal team will be in touch.