Data Breach Debacle: Fintech’s Dirty Little Secret Exposed?
In a shocking turn of events, Evolve Bank & Trust, the fintech company at the center of a massive data breach, has sent a cease and desist letter to Jason Mikula, a respected industry publication writer, who has been covering the breach’s aftermath. The bank’s aggressive legal tactics have raised eyebrows, particularly in light of the company’s botched handling of the breach and its refusal to provide impacted fintechs with critical information about the stolen data.
The truth is, Evolve’s poor communication has left many fintechs in the dark, unable to assess the fallout from the breach or take measures to protect their customers. Mikula’s exposé has shed light on the chaotic situation, revealing that even some fintechs have received no confirmation about what information was stolen, leaving them to fend for themselves.
Meanwhile, the Senators who publicly urged Synapse, a troubled fintech, to restore access to customer funds, have sent a blistering letter to Evolve and its partners, accusing them of neglecting their responsibilities and pointing fingers instead of taking action. The Senators have demanded that Evolve immediately restore customer access to their funds.
As the fintech community grapples with the fallout from this debacle, the question remains: How many more secrets will Evolve hide, and how many more victims will suffer as a result of their failures?
