July 2, 2024 at 09:23AM
The breach at Evolve Bank & Trust has impacted its partners Wise and Affirm, with personal data of Affirm Card holders potentially stolen. The scale of the breach is still unclear, and Wise confirmed that some of its users may have been affected. Evolve faces additional scrutiny due to previous deficiencies cited by regulators.
From the meeting notes provided, the key takeaways are:
1. Evolve Bank & Trust has been affected by a LockBit ransomware attack, leading to follow-on data compromises at its partners, including fintech businesses Wise and Affirm.
2. Affirm stated that personal data of its Affirm Card holders, which are issued by Evolve, may have been stolen in the ransomware attack. Affirm is conducting its investigation and remediation efforts independently of Evolve.
3. Wise, which stopped working with Evolve last year, announced that some of its users may have been affected by the breach and will be notified directly.
4. Evolve’s breach notification confirms that personal banking customer data, banking partner customer data, and employee data are thought to be affected. Investigations are ongoing to determine the impact on Evolve’s Business, Trust, and Mortgage arms.
5. Several of Evolve’s partners, including Wise and Mercury, have been affected by the breach and are conducting their investigations.
6. The breach at Evolve occurred at a challenging time as it faced regulatory scrutiny and had deficiencies pointed out by the US Federal Reserve Board and the Arkansas State Bank Department in areas such as anti-money laundering practices, risk management, and consumer compliance programs.
These clear takeaways summarize the significant points from the meeting notes regarding the breach at Evolve Bank & Trust and its impact on its partners.