Wise Investigates Potential Impact of Evolve Bank Data Breach on Customers

  • By Farrukh Mushtaq

    Farrukh Mushtaq

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    Farrukh Mushtaq, a digital marketer at PureSquare, possesses a keen interest in cybersecurity and enjoys writing about it. With several years of experience in the digital marketing industry, he brings expertise and passion to his work.

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  • 5 July 2024
  • 6 mins read

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Wise has joined the increasing list of organizations affected by Evolve Bank's recent data hack. 

The money transfer provider indicated that some client information may have been compromised during the incident, which Evolve Bank confirmed last week. 

Wise is presently examining the extent of the damage and will contact any potentially affected consumers personally.

Wise Confirms Impact of Evolve Bank Breach

Wise is a money transfer and fintech company. It announced on Friday that some of its customers' personal information may have been taken during the recent data breach at Evolve Bank and Trust.

The story emphasizes that the impact of the Evolve data breach on third-party firms and their customers and users is yet unknown, and it may encompass undiscovered companies and startups.

Wise stated that it collaborated with Evolve from 2020 to 2023 "to provide USD account details." And, given the recent compromise at Evolve, "some Wise customers' personal information may have been involved." 

“We’ll be emailing all Wise customers who we think may have been affected by this data breach directly.”

How Did the Breach Harm the Customers’ Information?

Wise claims to have worked with Evolve from 2020 to 2023 to give USD account details. This means that the bank has names, addresses, birth dates, contact information, SSNs or EINs for US customers, and another identity document number for non-US customers.

Wise says it has yet to be told what data is compromised, but it is currently investigating and will notify all clients it believes may be affected.

Evolve collaborates with many fintech companies, including Affirm, EarnIn, Marqeta, Melio, and Mercury, which have acknowledged that they are examining if the incident affects their consumers.

Efforts They are Making to Satisfy Their Customers

The company stated that the breach was caused by a ransomware attack by the LockBit criminal group, which occurred in May of this year when an employee clicked on an unsafe link.

According to the statement,

"There is no evidence that the criminals accessed any customer funds, but it appears they did access and download customer information from our databases and a file share during periods in February and May." 

"The threat actor additionally encrypted some of the data in our environment. However, we have backups and experienced minimal data loss and impact on our operations."

The corporation also commits to contact "each individual whose personal information was affected."

Data Breaches; A threat to Associated Platforms!

The data breach at Evolve Bank continues to impact partner companies such as Wise. While Wise no longer works with Evolve, some client data from the previous connection could have been affected. 

The exact nature of the incident is still being investigated, but it demonstrates the potential risks of third-party data storage.

And if you are concerned about emerging data breaches and online data theft, consider using a privacy app that knows how to keep your private data secure from prying eyes. 

Use PurePrivacy to stop unnecessary data collection on social media platforms and get help removing your personal data that is circling around public platforms.