Arkansas-based Evolve Bank and Trust recently announced that customers’ sensitive information has been compromised in a massive data breach – and Affirm card users may also be affected.
According to press releases and news reports, Evolve was targeted by the notorious ransomware group LockBit. The Eastern European cybercriminal organization is known for its sophisticated cyber attacks on numerous financial organizations. While Evolve Bank and Trust was the initial target, fintech company Affirm Holdings, which issues Affirm credit cards, has also confirmed that their users’ data was also compromised in the attack.
Data thefts cause untold amounts of grief for everyday consumers
It’s important to understand that poor cybersecurity practices by big banks and other institutions don’t just affect the businesses involved – they’re a direct threat to consumers.
LockBit engages in what can essentially be called a “double extortion” tactic. They not only encrypt the data used by the companies they target and hold those for ransom, but they threaten to publish the stolen data if the ransom isn’t paid. In this case, they’ve already published some or all of the stolen data to the Dark Web.
Once a consumer’s data is on the Dark Web, it can be purchased by bad actors of any sort very easily. For consumers, that means being subjected to:
- Identity theft: Stolen Social Security numbers, credit card details and even medical records can lead to identity theft and damaged credit scores.
- Privacy violations: Consumers may face unauthorized access to their personal and financial accounts, leading to unauthorized transactions and further exploitation of their information.
- Financial Loss: Consumers may suffer direct financial losses if their bank accounts or credit cards are compromised. Additionally, the costs associated with mitigating identity theft, such as legal fees and credit monitoring services, can be substantial.
The aftermath of a data breach can cause significant anxiety and stress for consumers – and it’s never really over because the data will always be “out there” once it’s been put on the Dark Web.
When your sensitive information gets leaked to the Dark Web, it’s hard to predict how it may end up being used – or what complications can arise in your life. It can take experienced legal assistance to help you sort out credit report complications or background check errors related to data breaches like these.