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Hackers Post Evolve Customers’ Data on the Dark Web

2 min read

Evolve Bank & Trust of West Memphis on Wednesday disclosed that a “known cybercriminal organization” had stolen customers’ data and personal information and posted in on the dark web.

In a statement, Evolve said some of its retail customers and fintech partners are among those affected. Hackers may have released information including customers’ names, Social Security numbers, birth dates, and account information.

Retail banking customers’ debit cards, online, and digital banking credentials did not appear to be affected.

Evolve said it’s confident that the incident has been contained and that it has “engaged the appropriate law enforcement authorities to aid in our investigation and response efforts.”

The bank said it’s beginning the process of communicating with affected customers and fintech partners and will be offering free credit monitoring services with identity theft detection.

Evolve did not name the hacking organization, but Bloomberg identified the group as LockBit 3.0, a ransomware-as-a-service gang with ties to Russia. The group leases its technical tools to affiliates and demands a cut of any extortion payments.

Evolve has grown rapidly in recent years as a banking-as-a-service provider, partnering with hundreds of fintech companies, which in turn provide access to banking products and services to their end customers.

The bank ranked No. 1 on Arkansas Business’ 2023 list of the largest trust departments in Arkansas with $8.14 billion in total trust assets under management.

The cyberattack comes less than two weeks after the Federal Reserve took action against Evolve over shortcomings in its risk management, anti-money laundering and consumer compliance programs. The June 11 order, issued in conjunction with the Arkansas State Bank Department, blocks Evolve from entering into any new fintech partnerships or establishing any new products, programs, services, or program managers related to open banking without approval from the Fed.

 

 

 

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