Transak USA Data Breach Class Action Investigation

At Console & Associates, our data breach lawyers are closely examining the recent Transak USA data breach. This data breach was disclosed following a cyber security incident at Transak, which exposed sensitive personal identifiable information.

What Happened?

A recent report from the Attorney General of Maine's office states that the Transak data breach occurred due to a cybersecurity incident. The increasing reliance on third-party IT providers has introduced new security risks for businesses, as evidenced by the recent data breach involving Transak, Inc., the parent company of Transak USA.

On September 23, 2024, Transak was contacted by a hacker who claimed to have accessed confidential data from its IT network. An employee’s login credentials had been compromised, allowing the hacker to access company data between September 1 and September 11, 2024. Notably, the exposed data resided on a third-party-hosted server, raising questions about shared responsibility for cybersecurity lapses.

As investigations continue, this breach serves as a reminder for businesses to assess their cybersecurity frameworks and ensure compliance with data protection laws. For organizations handling sensitive information, proactive security measures can mean the difference between preventing a breach and dealing with its costly aftermath.

Data breach letters were sent out by Transak on February 28, 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 Transak data breach
   1. Be wary of unexpected emails or messages claiming to be from Transak
   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.

Transak Overview

Transak was founded in 2019 and is headquartered in New York. Transak facilitates seamless transactions between fiat and crypto, supporting 180+ digital assets across 160+ countries. With a global footprint that includes operations in the USA, UK, Canada, Australia, Poland, India, UAE, and Hong Kong, the company has become an essential infrastructure provider for businesses adopting blockchain-based finance. Beyond transaction facilitation, risk monitoring, payment processing, and compliance automation are at the core of Transak’s services. Generating an estimated $8 million in annual revenue with a team of 86 employees, Transak’s continued expansion highlights the increasing demand for secure, compliant fiat-to-crypto solutions.

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

How do you know that you were affected by the Transak 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.