Fintech
Evolve Bank Breach Negatively Impacts Fintech Firms
Several financial technology firms have begun examining the potential impact of the breach at the U.S. banking services provider Evolve Bank & Trust, TechCrunch relationships.
The data compromise has already been confirmed by fintech startup Mercury, which revealed the hacking of certain account numbers, business owner names, emails and deposit balances as a result of the Evolve intrusion. Another Evolve partner, Affirm, flagged the possible exfiltration of its customers’ data, but insisted that its card and Money accounts were safe to use during its ongoing investigation into the matter. Similar investigations were launched by EarnIn, Melio and Marqueta, with the latter noting ongoing coordination with Evolve. “Our customers affected by this incident have been notified, and we are working closely with Evolve to understand their remediation efforts and how our mutual customers may be affected,” said Marqueta spokesperson Kelly Kraft. This development comes weeks after Evolve was urged by the Federal Reserve to strengthen its risk management programs following the discovery of security gaps in its banking practices.