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 and Trust, TechCrunch News relationships.
The data compromise has already been confirmed by fintech startup Mercury, which disclosed that certain account numbers, business owner names, emails and deposit balances were hacked as a result of the Evolve breach. Another Evolve partner, Affirm, reported the possible exfiltration of its customer data, but insisted that its card and money accounts were safe to use amid the ongoing investigation into the matter. Similar investigations have been launched by EarnIn, Melio and Marqueta, the latter of which noted ongoing coordination with Evolve. “Our customers impacted by this incident have been notified and we are working closely with Evolve to understand their remediation effort and how our mutual customers may be impacted,” Marqueta spokesperson Kelly Kraft said. The development comes weeks after Evolve was urged by the Federal Reserve to strengthen its risk management programs following the discovery of security flaws in its banking practices.