Social Security Data Breach

It's time to ensure your identity theft insurance is up to date as National Public Data reveals a possible data leak that occurred towards the end of April in 2024.

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Savvly Inc.
September 23, 2024 • Reading Time: 7 minutes

Welcome back to Life is Rich. The Social Security data breach is a hot topic and we take a closer look at data privacy. 

So let's kick this week off with some hot hitters off the web. 

270 Million Americans Affected by Data Security Breach 

It's time to ensure your identity theft insurance is up to date as National Public Data reveals a possible data leak that occurred towards the end of April in 2024. According to News 5 Cleveland, the breach includes the social security details of over 270 million people. National Public Data is a company that looks up criminal records and performs background checks. 

Information that could be floating around the dark web includes names, phone numbers, email addresses and of course social security numbers. 

Companies such as Experian offer a free dark web scan to check if your data is on the dark web. 

Inflation Set to Trend Below 2% 

A key inflation marker, the Personal Consumption Expenditures index reveals that it rose 0.2% in July, which is good news for inflation. According to the Fed, this brings inflation to the 1.8% mark, which is well under 2%. 

According to Yahoo!'s Chart of the Week, the index has been in this position twice before, in August and December of 2023. For the Fed to feel more secure with this number, however, these figures will need to remain in this region for at least six months. 

Snacks ... and $50,000! 

It's not often you hear of a potato wedge craving that leads to winnings of $50,000, but that's exactly what happened to a man in Baltimore. According to United Press International, Inc., his craving for Royal Farms potato wedges had him drive to a nearby store where fortune would favor his rumbling tummy. Once there, he also decided to buy two scratch tickets, one of which awarded him the $50,000 winnings. 

What You Should Know About the Proposed Basel Rule Revisions 

The US is set to review the security measures proposed by the Basel Framework, a body that recommends capital requirements for financial institutions. Many countries agree to these standards to protect capital and ensure that massive market fluctuations don't result in economic collapse. For instance, a lender is required to keep a certain amount in reserves should borrowers not repay their loans. This protects investors and those with savings in the bank. By reducing these measures, US banks will open themselves to high risk. 

According to Reuters, the revisions could run up to 450 pages of proposed changes. Banks and major financial institutions are set to benefit from these changes as their capital requirements will be significantly lower. 

The Good News and Bad News of the Week 

Good news

Bad news

Exciting Announcement! 

We’ve been working hard behind the scenes, and we’re so excited to share that Savvly will officially launch in January 2025! Imagine a personal pension that gives you guaranteed monthly paychecks for life—yep, that’s what we’re all about.

Want in early? Join our waitlist today to be first in line when we launch! Get ready to boost your retirement and enjoy some serious peace of mind. 🎉

Savvly Blog 

Riding out the waves as markets fluctuate can be a nail-biting experience, as explained in our latest blog titled Protecting Your Retirement from Economic Trends. 

Before We Go

If you have a story idea you think we should feature, get in contact with our team at [email protected]. ! 

Cheers! 🍻

Team Savvly