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Fintech Wise has announced lsome customers’ personal data may have been compromised due to the recent data breach at Evolve Bank and Trust.
Wise partnered with Evolve from 2020 to 2023 to provide USD account details. The extent of the damage is unclear, but the breach highlights the precarious nature of relying on third-party companies and trusting their security.
Evolve confirmed an attack last week, which was attributed to ransomware group LockBit, which leaked the data when the bank refused to pay the ransom.
Wise data breach affecting third-party companies
Evolve wrote: “In late May 2024, Evolve Bank & Trust identified that some of its systems were not working properly.” Initially believing it was a hardware failure, Evolve confirmed the breach was the result of “unauthorized activity.”
Evolve has not yet confirmed which personal information has been leaked, however in a nod to transparency, Wise confirmed: “The information that we shared with Evolve Bank & Trust to provide USD account details included name, address, date of birth, contact details, SSN or EIN for US customers, or another identity document number for non-US customers.”
In its announcement, Evolve shared: “The investigation is in its early stages, but it appears that names, Social Security numbers, bank account numbers, and contact information were affected for most of our personal banking customers, as well as customers of our Open Banking partners.”
Wise also confirmed: “We no longer work with Evolve Bank & Trust, and USD account details are provided by a different bank.”
Account credentials, Wise cards, and USD account details remain unaffected, and Wise customers can continue to use them. The company also advises vigilance against suspicious communications and recommends steps to prevent identity theft, including placing fraud alerts with credit bureaus.