Evolve Bank, located in Arkansas, confirms data breach and cyberattack

Earlier this month, the U.S. Federal Reserve said that it had given Evolve instructions to strengthen its risk management initiatives related to fintech collaborations and anti-money laundering regulations.

On Wednesday, Evolve Bank and Trust declared that it had been the victim of an unauthorized release of customer data onto the dark web due to a cybersecurity failure. A representative for the lender situated in Arkansas stated that they have enlisted the support of relevant law enforcement organizations to facilitate their inquiry and remediation endeavors.

“We will provide free credit monitoring and identity theft prevention services to all affected customers, or end users. The impacted individuals will receive direct communication from the spokesperson along with enrollment instructions for these safeguards. Earlier this month, the U.S. Federal Reserve said that it had given Evolve instructions to strengthen its risk management initiatives related to fintech collaborations and anti-money laundering regulations.

According to a source, cybercrime group Lockbit 3.0 published data stolen from Evolve on Tuesday. The article also stated that the hackers offered the Fed until Tuesday afternoon to comply with their ransom demands in exchange for not disclosing private information from a purported central bank attack. Mercury claimed that some account numbers and deposit balances connected to the fintech company were compromised in a security incident at Evolve and that impacted clients have been informed of precautionary measures in a post on the social networking site X.

Also read: The future of retail is all about tech-driven personalization and convenience, says Amit Kriplani, CTO at ace turtle

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