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Evolve Bank Data Breach Investigation

The Lyon Firm is investigating a recent ransomware attack that has potentially impacted hundreds of thousands of individuals in the U.S. and worldwide. An investigation at Evolve Bank is ongoing, and several other companies may be embroiled in the data breach, including Stripe, Shopify, Wise, Affirm and others. Contact our data breach lawyers to learn more about the Evolve data security incident, and to discuss taking legal action.

Our data privacy attorneys are currently involved in numerous class action data breach lawsuits, and we represent clients in all fifty states. Call for a free consultation and to learn more about how to protect yourself following a violation of your personal privacy.

What Happened at Evolve Bank?

The LockBit ransomware group, which recently threatened to leak data allegedly stolen from the U.S. Federal Reserve, has claimed another cyber attack victim: Evolve Bank & Trust, an Arkansas-based financial organization. In June, LockBit falsely claimed to have breached the US Federal Reserve and stolen 33 TB of data. Researchers later determined that same data had been stolen from Evolve Bank & Trust.

The bank has confirmed in a statement that hackers apparently gained access to customer data and likely the information of several financial technology (fintech) partners. Evolve has notable partners like Wise, Stripe and Shopify.

This appears to be yet another glaring example of a supply chain security issue impacting a large financial organization. Any large company that collects and stores data from smaller organizations has a duty to protect that data, and may bear the responsibility of any data privacy incident that occurs.

The ransomware attack occurred in May 2024 after an Evolve employee clicked on a phishing link. The attackers were able to access, encrypt, and download customer information from private databases and a file-sharing app.

LockBit has said they leaked the stolen data after the company refused to pay a ransom demand. Because Evolve offers business-to-business, banking-as-a-service, and payment processing technologies, the incident has spread to users of various financial companies that includes large partners like Wise, Affirm and Bilt.

In a data breach update, Evolve said it has responded to the incident by resetting passwords globally, reconstructing certain IT security components, and hardening network measures. However, the damage may be done, and there is evidence that the stolen data includes names, Social Security Numbers (SSNs), bank account numbers, and contact info.

Understanding the Wise Data Breach

According to a statement, Wise partnered with Evolve from 2020 to 2023 in order to provide account details to its customers. Wise allegedly shared a good amount of data with Evolve, including customers’ names, addresses, dates of birth, contact details, ID numbers, employer identification numbers and Social Security numbers. It is unclear at the moment exactly what personal information has been compromised. Wise has been mum on the subject and has merely said this aforementioned information “may have been involved.”

Wise is a large global financial technology company based in London, and as many as 16 million people and businesses use Wise. The Wise United States headquarters are in New York City, and the company employs over 1,000 individuals.

Affirm Data Breach FAQ

Affirm is also warning its customers that their personal and financial information may have been exposed in the Evolve data breach. Affirm regularly shares customer data with Evolve in order to issue Affirm Cards, a kind of debit card. In a company 8-K filing statement, they explain, “On June 25, 2024, Evolve Bank & Trust (“Evolve”), the third-party issuer of the Affirm Card, notified Affirm (the Company) that Evolve had experienced a cybersecurity incident whereby a third party gained unauthorized access to personal information and financial information.”

An investigation is ongoing, and Affirm has tried to reassure their customer base by saying users can continue to use their cards normally as they remain on high alert for potentially suspicious activity. Affirm offers point-of-sale financing, virtual cards on a mobile app, and a physical card called the Affirm Card.

“The full scope, nature and impact of the incident on the Company and Affirm Card users, including the extent to which there has been unauthorized access to Affirm Card user Personal Information, are not yet known,” the company has said.

Another partner, Mercury, said on social media that the Evolve breach impacted records associated with their company, “including some account numbers, deposit balances, business owner names, and emails.” Bilt has also notified customers via notifications that its partnership with Evolve may have led to the compromise of some sensitive customer information.

Contact our legal team to review your case as soon as possible if you are notified by post or email. It is prudent to work with experienced attorneys following a data breach to ensure your personal information is protected. There are certain measures individuals can take to prevent identity theft and fraud. Call to learn more.