Evolve Bank Data Breach Compromises Identities of Customers and Fintech Partners. Featured

Lawsuit alleges Evolve Bank & Trust negligently failed to safeguard customer data as required by law. Bank and partner FinTech customers identities now at risk.

A flurry of class action lawsuits were recently filed against Arkansas headquartered Evolve Bank & Trust (Evolve) following an announcement on June 26, 2024 that is was the target of a cyberattack that involved customers’ Personal Identifying Information (PII) being illegally released on the dark web.

The announcement came a day after cyber-crime group Lockbit 3.0 posted data hacked from Evolve on June 25, 2024. The information compromised includes Evolve retail bank customers and financial technology partners’ customers (end users). As of June 28th, Evolve is still working to discover the full scope of information obtained during the breach.

What Happened?

Little information is known about how hackers gained access to Evolve’s network. What is known is that the U.S. Federal Reserve had said earlier this month it had ordered Evolve to bolster its risk management programs around fintech partnerships as well as anti-money laundering laws.

Upon learning of the incident, Evolve engaged the appropriate law enforcement agencies in their investigation.

What Information Was Stolen?

According to the lawsuits, Personal Identifiable Information obtained from the data breach include –

  • full name
  • address
  • date of birth
  • Social Insurance number
  • financial account information

What is Evolve Doing To Protect My Identity?

Evolve announced it has begun the process of communicating with retail bank customers and financial technology partners’ customers (end users) who have been affected by this incident. 

  • If you are an impacted retail bank customer, you will receive an email from [email protected].
  • If you are a financial technology partner, banking app customer (end user) you will receive an email directly from your provider.

The email will include detailed instructions on how to enroll in complimentary credit monitoring with identity theft detection services. Evolve has not disclosed details regarding the duration of these services.

What Can Hackers Do With My Information?

Stolen PII and PHI can be used to commit identity theft, open new credit accounts, make unauthorized purchases or obtain loans. Cyber-criminals have recently targeted America’s essential industries and in so doing have forced millions of Americans to face the fallout from these attacks.

Leaked or stolen data can be sold on the dark web forums and may be used for fraud and medical identity theft, a type of fraud, where threat actors use stolen information to submit forged claims to insurers.

Clients affected by the breach are exposed to a heightened and imminent risk of fraud and identity theft. They must now and in the future closely monitor their financial accounts to guard against identity theft and fraud.

If you receive a data breach notification from Evolve Bank & Trust or one of it’s Financial Technology partners it is essential you understand what is at risk and what you can do about it. A data breach lawyer can help you learn more about how to protect yourself from becoming a victim of fraud or identity theft, as well as discuss your legal options at no cost to you. For more information, please review these recommendations.

Protect Your Identity. Join the Frontier Data Breach Class Action.

The lawsuit alleges that Evolve breached its duties under common law and the Federal Trade Commission Act to implement reasonable security measures, comply with industry standards and federal data-security regulations, encrypt sensitive data, and provide adequate and timely notice of the breach.

If you receive a notification letter /email from Evovle Bank & Trust or one of it’s Financial Technology partners, you are at permanent risk of identity theft and the devastating financial and legal consequences that go along with it.

You may be eligible to participate in a class action lawsuit to recover compensation for loss of privacy, time spent dealing with the breach, out-of-pocket costs, and more.

The lawsuit looks to cover anyone in the USA whose private information was compromised by the breach announced by Evolve on June 26, 2024.

Please complete the below form shown on this page and a data breach attorney will contact you. There is no cost to you.


Leave a Reply

Your email address will not be published. Required fields are marked *