Evolve Bank says a Russia-linked gang stole millions of customers’ data

Evolve Bank & Trust said this week that hackers accessed millions of customers’ personal data during a recent cyberattack. 

The Memphis-based lender said in a filing with Maine’s attorney general on Monday that more than 7.6 million people were impacted in a February 9 breach organized by the Russian-linked criminal organization LockBit. Evolve discovered the data breach on May 29, according to the filing. 

The company said that criminals likely downloaded information including names, Social Security numbers, bank account numbers, and contact information. Evolve employees’ personal information was also likely affected, it said in a press release on Monday. The company is still looking into what other personal information was affected, including information on its Business, Trust, and Mortgage customers. 

“The security of our customers’, partners’ and employees’ information is a priority, and we are committed to supporting them through this process,” the press release states.

Evolve’s investigation determined that the hackers gained access to the system when an employee inadvertently clicked on a malicious internet link. The U.S. Federal Reserve said earlier this month that it ordered Evolve to strengthen its risk management programs.

Cyberattacks are on the rise this year. International Monetary Fund data published in April said that cyberattacks have more than doubled since the pandemic. Financial firms, it said, were uniquely exposed to cyber risk thanks to the large amounts of sensitive data they handle. “As attacks often emanate from outside a financial firm’s home country and proceeds can be routed across borders, international cooperation is imperative to address cyber risk successfully,” the report noted.

Evolve, founded in 1925, has a number of high-profile partnerships with fintechs, including Affirm, Mercury, and Marqeta. 

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