Connect with us

Hi, what are you looking for?

THE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & LifestyleTHE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & Lifestyle



Connecticut Higher Education Trust hacked


CHET hacked

The Connecticut Office of the State Treasurer announced that hackers stole roughly $1 million from the Connecticut Higher Education Trust (CHET), a state-sponsored college savings plan.

CHET is a 529 plan, in which citizens set aside money to save for steep college tuition costs. Only 21 customers were harmed by the security breach, whom Tuition Financing, Inc. will reimburse for their losses. However, the fact that a state-sponsored account got hacked raises many red flags around the city’s overall security.

After an investigation, TFI found that no other plans were hacked. At this point, they do not know the source of the hack or who caused the breach, but they reported that the hackers did not receive any personal information from the CHET website or from TFI. The thieves must have had information about the account holders from an outside source.

TFI first reported the security breach to Treasurer Denise Nappier, who asserted,

I am deeply concerned that these criminal activities have impacted CHET account holders. Until it happens to you, it’s hard to capture how unsettling it is when personal accounts have been compromised. I’ve been there. Every owner of the more than 150,000 CHET accounts can and should expect our vigilance and best efforts to ensure that their funds and information are protected.

The treasury department later said in a statement:

CHET account data and online systems are housed at and maintained by TFI and its service providers. TFI has implemented system enhancements, additional internal controls, and extra manual reviews aimed at helping to protect against future fraudulent activity.  The Treasury is closely monitoring these security initiatives. In addition, we have requested an independent audit of fraudulent account activity and an independent review of TFI’s cyber, telephone and manual security programs.

No further information about the hack exists yet, but TFI will likely never let this happen again. If it does, it will lose the faith of its account holders.


Featured image via Pixabay/JavadR

Comment Template

You May Also Like


  Mexico has recorded 155 fatalities due to extreme heat since March, including 30 in the last week alone, the government said Thursday. A...


Family members of two Boeing 737 Max plane crash victims demand prosecution and $24.8bn for “the deadliest corporate crime in US history.” For the...


Chinese automakers allegedly demanded 25% import taxes on EU rivals’ automobiles if tariffs are imposed on Chinese vehicles during a closed-door meeting. European carmakers...


Samsung Electronics’ South Korean labor union reported numerous workers striking Friday, the first in the company’s 55-year history. After failed negotiations over salary and...

Notice: The Biznob uses cookies to provide necessary website functionality, improve your experience and analyze our traffic. By using our website, you agree to our Privacy Policy and our Cookie Policy.