By Trend News Line 2024-07-07 23:03:54.
**Millions of American Citizens Affected by Data Hack**
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A recent cyberattack on Evolve Bank & Trust in May has resulted in the theft of personal information from millions of American citizens. The Memphis-based bank disclosed in a filing with the U.S. Securities and Exchange Commission (SEC) that a third party had gained unauthorized access to personal and financial information of retail banking customers and customers of its financial technology partners.
The stolen information includes sensitive details like names, social security numbers, bank account numbers, and contact information. Additionally, personal information of Evolve employees may have been compromised as well. The breach has raised concerns about identity theft, financial fraud, and other privacy violations for those affected.
**Law Firm Investigates Claims for Data Breach**
Schubert Jonckheer & Kolbe LLP, a law firm specializing in class action lawsuits against corporations, announced on July 2 that it was looking into potential claims for the data breach. The firm stated that “millions of financial records” had been breached, putting individuals at risk of various privacy violations.
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According to the law firm, the hacking group responsible for the breach claimed to have stolen “33 terabytes of juicy banking information” and released it on the dark web. Those impacted by the breach could potentially be entitled to monetary damages, the firm warned.
**Extent of the Data Breach**
Evolve Bank & Trust had partnered with several fintech companies, including Affirm, Bilt, Shopify, Mercury, Plaid, and Stripe. The law firm advised individuals who had done business with any of these companies to be cautious, as their private information may have been exposed in the breach.
Mercury, a fintech firm, confirmed that its customers were affected by the hack, with account credentials leaked. Wise, another financial technology company that collaborated with Evolve, also acknowledged the breach.
**Response and Notifications**
Evolve Bank & Trust announced plans to notify affected customers of the breach starting the following week. The notifications will provide detailed information about credit monitoring, identity protection services, and dark web monitoring for international residents. Customers will also receive contact details to address any issues related to the breach.
The ransomware attack was attributed to a hacking group known as LockBit, with origins linked to Russia. Despite demands for ransom, Evolve refused to pay, leading the hackers to release the stolen data.
**LockBit Threat**
LockBit is a ransomware group that has been involved in numerous cyberattacks globally, with ties to Russia. The group’s activities have raised concerns about data security and privacy, prompting increased vigilance among businesses and individuals.
**Ongoing Investigations**
The data breach at Evolve Bank & Trust is part of a broader trend of cyberattacks targeting financial institutions. As the investigation continues, law firms are working to assess the extent of the damage and explore legal avenues for affected individuals to seek compensation.
In a similar incident, Prudential Financial recently disclosed a cyberattack that compromised the personal information of over 2.5 million individuals. The ALPHV ransomware group was identified as the perpetrator of the attack, highlighting the growing threat of cybercrime in the financial sector.
As the cybersecurity landscape evolves, organizations and individuals must remain vigilant and take proactive steps to protect their data and privacy from potential threats..
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