Fintech firm Wise recently revealed a possible data breach at their partner, Evolve Bank. The full impact of this breach on Wise and Evolve’s clientele remains indeterminate at this time.
The partnership span from 2020 to 2023, providing customers with USD account details. Due to the breach at Evolve, there are growing concerns about potential exposure of personal data linked to some Wise users. Wise plans to directly contact affected customers.
Transferred protected data from Wise to Evolve included names, addresses, contact details, and Social Security or Employer Identification Numbers for US-based customers. Clients outside the US supplied alternative identity details.
The exact number of impacted Wise customers is still unknown. The company is diligently conducting investigations to better understand the situation.
Wise’s response to partner bank data breach
Despite these unfortunate incidents, Wise maintains that their platform’s integrity remains unscathed, assuring customers secure access to their accounts. Furthermore, the firm pledges to take necessary steps in preventing recurrence of such incidents and continues to work hand-in-hand with regulatory bodies to prioritize their clients’ interests.
Evolve Bank has yet to disclose additional details regarding the breach, including the number of customers and partners potentially impacted. The bank has pledged to steadfastly address the issue, while confirming that strict security measures are in place to protect sensitive data.
The breach has been characterized as a ransomware attack by the LockBit cybercriminal group, initiated by a staff member engaging with a malicious link in May. Between February to May, client data was accessed and downloaded. Though there were some data losses, backups ensured minimal disruption.
Several partners of Evolve, including Affirm, EarnIn, Marqeta, Melio, and Mercury, are currently assessing the breach’s potential impact on their respective customers. Branch, another partner of Evolve, has yet to issue any statements concerning the breach.
