Evolve Bank and Trust confirms LockBit stole 7.6M people's data • Hacker News Board

Re: Evolve Bank and Trust confirms LockBit stole 7.6M people's data

#81

Post by Animats » Thu, Jul 11, 2024, 9:38 PM UTC

blakeburnette wrote: post #80

Animats wrote: post #76

Earlier quoted context omitted.

The real question for these third party services is whether each customer has a separate bank account. If there's one bank account per customer, and the third party service goes down, accessing the money probably isn't too bad. You can deal with the bank. They have regulators and obligations. If it's one consolidated account, then it probably takes a bankruptcy court to untangle the mess.

Regarding FBOs, that is exactly what is happening with Synapse/Evolve. Customer funds and corporate funds were all comingled and reconciled across an inaccurate ledger held within an FBO. Whether the inaccuracies belong to the bank, or to Synapse is where the debate lies. What is also incredibly suspect in this case is that Mercury was able to transfer (IIRC) 49 million USD of money from Synapse's established FBO wit…

> Regarding FBOs, that is exactly what is happening with Synapse/Evolve. Customer funds and corporate funds were all comingled and reconciled across an inaccurate ledger held within an FBO.

Ugh. The bankruptcy court has to bring in forensic auditors, they try to reconstruct who owns what, and it takes a long time to sort things out. The bank's responsibility is only to have the total amount on deposit available to the bankruptcy court.

This is a really good argument for not using such a service.

Re: Evolve Bank and Trust confirms LockBit stole 7.6M people's data

#82

Post by hakfoo » Sat, Jul 13, 2024, 3:32 AM UTC

nicholasjarnold wrote: post #44

toomuchtodo wrote: post #17

Earlier quoted context omitted.

https://news.ycombinator.com/item?id=36801491 ("HN: FedNow Is Live") https://www.frbservices.org/financial-services/fednow/organi... https://explore.fednow.org/explore-the-city?id=3&building=ne... $25/month to plug into FedNow instant payment rails, 5 cents to move up to $100k in value (initial limit, max is $500k), 20 second settlement SLA.

Yep, FedNow is a good step in the right direction, but the list of banks that participate needs to grow substantially. Many small and mid-sized banks/FIs aren't having a great 2023/2024, so I wouldn't expect to hear much about them integrating with new payment rails until their fundamental economics improve a bit allowing the decision makers to loosen up the purse strings again. source: have worked in the industry co…

I've been amazed at the silence about it.

I work in a firm very closely associated with CC and ACH processors, and I feel like the only time FedNow ever came up was when I mentioned it.

The low cost of acceptance and fast response times would seem to appeal to any merchant who's already begrudgingly accepting ACH, even if it's not a direct replacement for card payments.

Re: Evolve Bank and Trust confirms LockBit stole 7.6M people's data

#83

Post by chinathrow » Sat, Jul 13, 2024, 7:50 PM UTC

1800-not-wise wrote: post #13

Anyone know where you can look up the breach data to see what data they have on you? Even after contacting Wise it is absolutely unclear what data they shared in detail, especially on business accounts.

I submitted a data information request and they sent me all what they sent Evolve. It includes both my company address, mobile number, email address and a copy of the ID document.

I have no clue why the submitted mobile number and email address as part of KYC.