Amid the political rise and promises of the future, the US banks and the country’s economy have become prominent concerns. Being among the most developed countries, America still has its share of struggles. Among those, the failure of the financial institutions is the biggest. However, another concerning news story about the US Bank data breach has shocked the netizens as so much has already happened in the last year.
In 2023 alone, around five banks turned to bankruptcy, including the Silicon Valley and Signature Bank. Even many crypto exchanges like FTX have embezzled money before turning to bankruptcy, indicating worsening conditions of the financial institutions. Another prominent example is the former Kansas bank CEO sentenced to 24 years for the same, pointing questions at the officials and their management. And now, two more banks are in the spotlight for breaching sensitive customer information.
US Bank Data Breach Alerts Arrive A Year Late
Two major U.S. banks, TD Bank and Summit National Bank, have come forward as the victims of the US Bank data breach, leaking susceptible information of thousands of customers. The news came to attention when the banks approached the Maine Attorney General’s Office with suspicion of the breach. However, the reports reveal the breach happened somewhere between the third quarter of 2023 and the second of this year.
Out of these two, Sumit National Bank, which is based in Wyoming, found out the possibility of suspicious activity during May. Moreover, the Official reports have confirmed that this US bank data breach happened between May 13th & 16th. As a result, 10,912 customers are impacted by this, where all of their personal information has been leaked. However, the bank revealed the news now due to a failure of early detection.
The other bank, TD diagnosed the breach around July 16, but it had happened months ago. Thankfully, the user count is smaller, 41 in this case. With this, a total of 10,953 customers were impacted by the incident.
This is concerning as information like names, Social Security numbers, and financial account details might be in the wrong hands.
The Breach Was An Insider Job
In the Maine Attorney General’s Office report, TD Bank has revealed this to be an insider job, as someone could not achieve this with unauthorized access.
We recently discovered that between September 2023 and March of 2024, one of our employees improperly accessed some of your personal information without a legitimate business purpose
The bank has sent the breach alerts to this customer, apologizing for the situation. Moreover, it has allocated more than $3 Billion to compensate for the penalties and anti-global money laundering (AML) investigations.
Final Thoughts
The officials have revealed another big US Bank data breach, that impacted 10,953 users collectively. This has become a concerning topic for users because of the low safety of their data and funds. Moreover, not only the outside factors are risky, but bankruptcy has become a norm these days. Even the Rich Dad Poor Dad author, Robert Kiyosaki invited to buy Bitcoin after analyzing the state of the US banks and the rising debt on the US.
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