Fora Financial
Data Breach Class Action Lawsuit

January 19, 2024 -- Attention: victims of the Fora Financial data breach.

Abington Cole + Ellery is investigating the recently announced Fora Financial data breach.

In September 2022, Fora Financial became aware of an incident where unauthorized parties accessed deal-related data submitted to the company. An immediate investigation was launched to verify the origin of the information, check for any potential security breaches, and ascertain if personal data of individuals was compromised. The inquiry revealed that the information obtained by third parties corresponded with Fora Financial's records, including personal data.

Further investigation by Fora Financial's forensic team pinpointed a vulnerability in their information systems as the source of the data breach. This vulnerability was identified and resolved by February 19, 2023. Subsequent efforts involved a comprehensive analysis of the affected data, which comprised various unstructured data sets. This required both automated and manual examination of a large volume of documents to identify individuals potentially impacted by the breach.

Upon discovery of the unauthorized access to its confidential deal information, Fora Financial acted to locate the source and address any system weaknesses that might have facilitated the data breach. While the immediate security concern has purportedly been addressed, Fora Financial continues its investigation to fully understand the incident and prevent future occurrences.

As a result of the data breach, Fora Financial is offering 12 months of free credit monitoring and/or identity theft protection services to affected individuals.

Approximately 3,200 individuals were affected by the Fora Financial data breach.

Breached data may include, but is not necessarily limited to: name, date of birth, government identification number (driver’s license or passport number), Social Security number, and business’s financial data.

Additional information about the Fora Financial data breach may be found here: Fora Financial Data Breach Notification.

Fora Financial, established in 2008 and headquartered in the United States, specializes in providing financial solutions to small businesses. Their main offerings include small business loans, with terms up to 15 months and funding ranging from $5,000 to $1.5 million, as well as revenue advances that allow for flexible payments based on a fixed percentage of daily or weekly gross receipts. These products are designed to support businesses in various needs such as expansion, cash flow management, etc.

Fora Financial is known for its rapid approval process, with the potential for funding decisions within four to 24 hours and disbursement of funds within 24 to 72 hours upon approval. They require a minimum of six months in business, $15,000/month in revenue, a 500+ FICO score, and no open bankruptcies for eligibility. To date, Fora Financial has served over 35,000 companies and distributed over $3 billion in funds.

Fora Financial caters to a broad spectrum of industries, including auto, construction, manufacturing, medical, restaurants, retail, services, transportation, and wholesale.

For more information about steps you can take to possibly reduce the chances harm arising from a data breach, please review the following article: What are some steps you can take if you've been the victim of a data breach?

If you believe you are a victim of the Fora Financial data breach, and would like to participate in a class action lawsuit regarding this data breach, please submit your information via the form on this webpage. This website is not associated with nor authorized by Fora Financial or any affiliated companies.