Update On Mr. Cooper Cyberattack: New Payment Method Adopted

An update on the recent Mr. Cooper cyberattack reveals that the Texas-based mortgage giant, serving over 4.3 million clients, is prioritizing a customer-centric approach to assist clients in loan payments.

Mr. Cooper Cyberattack, occurring on October 31, disrupted the company’s online operations, raising concerns about data protection and ransom threats.

Update on Mr. Cooper Cyberattack

To minimize customer inconvenience, Mr. Cooper offered alternative payment methods, urging homeowners to continue loan payments even during disasters. These options include phone payments, traditional mail services, Western Union, Moneygram, and the convenient one-time web payment.

“On October 31, Mr. Cooper became the target of a cybersecurity incident and took immediate steps to lock down our systems in order to keep your data safe. Our systems remain locked down, and we are working on a resolution as quickly as possible,” reads the company’s temporary website dedicated to providing updates on the situation.

It comes as no surprise that Mr. Cooper is taking proactive measures, given the company’s substantial non-bank mortgage servicing portfolio, valued at US$937 billion across the United States. This commitment to delivering quality services is evident through its exploration of alternative payment channels following the cyberattack.

On the day of the attack, customers trying to access the website were met with a message indicating that the firm’s system was offline. While Mr. Cooper has not officially declared the incident as a ransomware attack, the company’s swift response underscores its zero-tolerance approach to potential cyberattack.

Consequently, Mr. Cooper’s IT team swiftly implemented remedial measures to contain the breach, securing customer information. They temporarily suspended systems, including email and the website. A comprehensive investigation was conducted to assess any potential data compromise during the attack. In the event of data access or theft, the organization is prepared to provide identity protection services to its customers.

Media Disclaimer: This report is based on internal and external research obtained through various means. The information provided is for reference purposes only, and users bear full responsibility for their reliance on it. The Cyber Express assumes no liability for the accuracy or consequences of using this information.

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