Evolve Bank and Trust confirms LockBit stole 7.6M people's data
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Re: Evolve Bank and Trust confirms LockBit stole 7.6M people's data
#2As the article explains any Wise (a fintech popular for travel debit cards and cheap intl money transfers) that had USD balance was exposed with the breach.
Re: Evolve Bank and Trust confirms LockBit stole 7.6M people's data
#3As the article explains any Wise (a fintech popular for travel debit cards and cheap intl money transfers) that had USD balance was exposed with the breach.
…and Wise is the company that used to be known as “TransferWise”.[1] So it’s possible there are a few people who had an old transferwise account lurking around somewhere that now have had their deets stolen and haven’t even realised yet.
[1] https://www.pymnts.com/news/cross-border-commerce/cross-bord...
Re: Evolve Bank and Trust confirms LockBit stole 7.6M people's data
#4Mercury.com users and Yotta users seem to be affected, among others.
Re: Evolve Bank and Trust confirms LockBit stole 7.6M people's data
#5As the article explains any Wise (a fintech popular for travel debit cards and cheap intl money transfers) that had USD balance was exposed with the breach.
That doesn’t seem right to me. Wise moved away from EBT a year or so ago. They may not be done moving away from them but my Wise USD balance is not with EBT anymore and they confirmed by email I was not affected by the breach.
Re: Evolve Bank and Trust confirms LockBit stole 7.6M people's data
#6Can someone explain why in the world Evolve has my data? (I use Mercury and Wise for my company). I tried going to their website and I'm still completely clueless.
Edit: Apparently Mercury was using Evolve as their banking partner. I know this is super common w/ online neobanks, but I'm really confused as to why they always choose the most random obscure bank. Why not partner with a major bank, or Column?
Re: Evolve Bank and Trust confirms LockBit stole 7.6M people's data
#7Can someone explain why in the world Evolve has my data? (I use Mercury and Wise for my company). I tried going to their website and I'm still completely clueless. Edit: Apparently Mercury was using Evolve as their banking partner. I know this is super common w/ online neobanks, but I'm really confused as to why they always choose the most random obscure bank. Why not partner with a major bank, or Column?
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Re: Evolve Bank and Trust confirms LockBit stole 7.6M people's data
#8Can someone explain why in the world Evolve has my data? (I use Mercury and Wise for my company). I tried going to their website and I'm still completely clueless. Edit: Apparently Mercury was using Evolve as their banking partner. I know this is super common w/ online neobanks, but I'm really confused as to why they always choose the most random obscure bank. Why not partner with a major bank, or Column?
Fintechs partner with banks like evolve to do the actual banking.
So when you open an account with mercury, under the hood they’re opening an bank account with a bank and sending transactions through it.
There’s a lot of kyc/kyb regulation around financial services. Eg banks can’t provide services to certain people. So the underlying bank needs to know who you are.
> Why not partner with a major bank, or Column?
Column didn’t exist when mercury was founded. And it’s not that easy to secure a banking partner. Its not like signing up for a free checking account.
Re: Evolve Bank and Trust confirms LockBit stole 7.6M people's data
#9Can someone explain why in the world Evolve has my data? (I use Mercury and Wise for my company). I tried going to their website and I'm still completely clueless. Edit: Apparently Mercury was using Evolve as their banking partner. I know this is super common w/ online neobanks, but I'm really confused as to why they always choose the most random obscure bank. Why not partner with a major bank, or Column?
parnering with these sorts of companies and providing banking services/underwriting is a complex product line of its own. The major banks aren't necessarily in that market or open for partnerships. And being big doesn't mean they'd be better at it - Goldman's partnership with apple is an example of the big bank not exactly getting it right. These are very complicated negotiated partnerships, not exactly plug and play lol.
Re: Evolve Bank and Trust confirms LockBit stole 7.6M people's data
#10Can someone explain why in the world Evolve has my data? (I use Mercury and Wise for my company). I tried going to their website and I'm still completely clueless. Edit: Apparently Mercury was using Evolve as their banking partner. I know this is super common w/ online neobanks, but I'm really confused as to why they always choose the most random obscure bank. Why not partner with a major bank, or Column?
Wise also previously used Evolve, so it's not exactly random. One imagines the fact that it's cheap explains why it was used by these services and at least partially why it got hit by ransomware.