BREAKING: Evolve Bank & Trust has allegedly been the victim of a ransomware attack and data breach by Russian hacker group LockBit, multiple info security sites are reporting:
The group had touted a cache of Federal Reserve data but, when its demands weren't met, released what appears to be as much as 33 terabytes of data from Evolve's systems.
As reports began surfacing yesterday, Evolve sent clients of its Open Banking Division an email (screencap below) acknowledging the reports and that, in conjunction with "law enforcement and government agencies," it is investigating the situation.
A request for comment on the situation to Evolve's press contact was not immediately returned.
Evolve recently received an enforcement action from its primary regulator, the Federal Reserve Board, which, among other areas, cited the bank's IT practices and required it to develop a plan and timetable to correct information technology security deficiencies.
While Evolve is perhaps best known as the bank partner of now-bankrupt Synapse, it supports numerous other high-profile fintech partners, including: Mercury, Stripe, Affirm, Airwallex, Alloy, Bond (now part of FIS), Branch, Dave, EarnIn, TabaPay, and numerous others. It has previously worked with Wise and Rho, though both have since migrated to other bank partners.
The authenticity of and potential scope of the data breach couldn't immediately be verified by Fintech Business Weekly, but industry sources who have reviewed the data described the situation as "as bad as it gets," with clear text files that containing end user PII, including SSNs, card PANs, wires, and settlement files.
This is a developing story - more here as it happens.
The group had touted a cache of Federal Reserve data but, when its demands weren't met, released what appears to be as much as 33 terabytes of data from Evolve's systems.
As reports began surfacing yesterday, Evolve sent clients of its Open Banking Division an email (screencap below) acknowledging the reports and that, in conjunction with "law enforcement and government agencies," it is investigating the situation.
A request for comment on the situation to Evolve's press contact was not immediately returned.
Evolve recently received an enforcement action from its primary regulator, the Federal Reserve Board, which, among other areas, cited the bank's IT practices and required it to develop a plan and timetable to correct information technology security deficiencies.
While Evolve is perhaps best known as the bank partner of now-bankrupt Synapse, it supports numerous other high-profile fintech partners, including: Mercury, Stripe, Affirm, Airwallex, Alloy, Bond (now part of FIS), Branch, Dave, EarnIn, TabaPay, and numerous others. It has previously worked with Wise and Rho, though both have since migrated to other bank partners.
The authenticity of and potential scope of the data breach couldn't immediately be verified by Fintech Business Weekly, but industry sources who have reviewed the data described the situation as "as bad as it gets," with clear text files that containing end user PII, including SSNs, card PANs, wires, and settlement files.
This is a developing story - more here as it happens.
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