Paycom just announced a settlement opportunity for those impacted by its data breach in May 2023. Up to $4200 Direct from Paycom in compensation could be given to eligible individuals in order to reduce the problems caused by the leak of personal data.
The breach, which involved sensitive data such as Social Security numbers, was caused by the security gap in the MOVEit Transfer software. Paycom aims to help those affected by providing financial relief and compensate expenditures through a $900,000 settlement.
$4200 Direct from Paycom
In order to help people in their recovery from the breach, Paycom’s settlement provides a number of compensation options. The breach, caused by an issue in the MOVEit software, exposed private information of clients and employees, putting them at risk for fraud or identity misuse.
In reply, Paycom has created a fund to support those affected, providing compensation for expenses and time spent dealing with any breach related issues. Additionally, eligible individuals can receive credit monitoring services to help protect their personal data moving forward.
Paycom Settlement Overview
Administered by | Third-party Settlement Administrator |
Program Name | Paycom Data Breach Settlement |
Country | USA |
Settlement Amount | $900,000 |
Maximum Compensation | Up to $4,200 |
Credit Monitoring | 3 years of free monitoring or $25 cash |
Category | Government Aid |
Official Website | http://www.paycom.com/ |
Paycom Offers Settlement for Data Breach
Paycom has offered a settlement amount that can be a huge financial relief for those who are dealing with credit monetary service, and also compensate for time spent dealing with this incident. Paycom data breaches might have serious consequences for its user, which involve identity theft, illegal use of personal data, etc.
By providing this settlement Paycom aims to reduce the financial and psychological impacts on those who are impacted, and assure that this data breach will not happen again, also supporting them in their recovery process.
Eligibility Criteria for $4200 Direct from Paycom
People need to fulfill a few essential conditions in order to be eligible for the Paycom settlement. Only U.S. residents who received an official notification from Paycom between July and October 2023 regarding the breach are eligible. This notification confirms a direct impact from the breach and is required to apply for compensation.
Depending on their background, qualified candidates can select from a number of options, including as coverage for out-of-pocket costs, time spent on breach-related problems, or any significant losses caused by identity theft or fraud. Eligible persons are advised to apply as soon as possible, as the claim deadline is November 7, 2024.
Paycom Direct Payment Amount
- A number of compensation options are available under the Paycom settlement to meet various needs.
- For those who paid direct expenses due to the breach, up to $2,500 is available to cover items like credit monitoring or legal consultation fees.
- Individuals who invested time in fixing breach-related problems are eligible to receive up to $100, with up to four hours of reimbursement at $25 per hour.
- Up to $4,200 in compensation for extraordinary losses may be available to those who suffered significant financial losses.
- Additionally, individuals may choose for three years of free credit monitoring services or request a $25 cash payment if they do not require additional help.
How to Submit Your Paycom Settlement Claim
- If someone is claiming out-of-pocket or unexpected losses, they should first gather any required documentation, such as bank statements or invoices.
- They can then download a claim form to mail or complete it online by visiting the official Paycom Data Settlement website.
- By November 7, 2024, the completed form must be sent in by mail or online.
- Each claim will be reviewed by the Settlement Administrator when it is submitted, and payment will be given according to the number of claims that are accepted.
FAQs
What is the deadline to apply for the settlement?
The deadline to apply is November 7, 2024.
Who qualifies for the Paycom data breach compensation?
U.S. residents who received a notification from Paycom about the breach between July and October 2023 are eligible.
What Paycom settlement compensation is provided?
Options include up to $4,200 for major losses, $2,500 for expenses, or three years of credit monitoring.