In the wake of the recent data breach at Evolve Bank, which exposed the personal and financial information of Affirm cardholders and potentially other customers, vigilance has become a necessity for those affected. This incident is a glaring example of the vulnerabilities faced by financial institutions and underlines a critical need for consumers to take proactive steps to secure their personal information. The breach has already led to the stolen data being posted on the dark web, prompting immediate action on the part of customers to safeguard themselves from potential misuse of their personal information.
Jason Kent, a cybersecurity expert at Cequence, highlighted the broader implications of such cybersecurity incidents on the finance sector. He emphasized that consumers will have to become increasingly vigilant in light of the growing number of aggregation attacks targeting various organizations. Online transactions, Kent explains, are becoming more prevalent, with companies like Affirm enabling Point-of-Sale (POS) loans, making transactions in physical stores similar to using Apple Pay. However, the growth of such services also brings with it increased risks, especially when the platforms handling sensitive data become targets for cyber attackers. Below, we explore actionable steps that consumers should take to protect themselves following the Evolve Bank data breach.
1. Notify Affirm
First and foremost, if you are an Affirm customer who has potentially been affected by the Evolve Bank breach, you need to contact Affirm immediately and request that they halt any further transactions on your account until the situation is fully resolved. This initial step is crucial because it allows you to take control of your account and prevent unauthorized transactions that could further compromise your financial security. Given that your sensitive data might be in the wrong hands, halting transactions can provide a temporary safeguard while you take additional protective measures.
By notifying Affirm, you are effectively putting a stop-gap measure in place to ensure no further unauthorized activities can be conducted using your compromised information. Affirm is likely already aware of the breach and should have protocols in place to assist customers in securing their accounts. However, it’s essential to be proactive and ensure that your specific account is flagged for heightened scrutiny. In addition, ask Affirm for any recommendations or steps they may have for customers to protect their accounts and personal information during this period.
2. Check Your Credit
The second critical step involves keeping a close eye on your credit report and overall financial health. If you already have credit monitoring services in place due to a previous breach, make full use of them. These services can alert you to any suspicious activity or changes in your credit report that may indicate misuse of your stolen information. If you have not yet signed up for credit monitoring, now is an opportune time to do so. Fortunately, you are entitled to a free credit report annually from each of the major credit reporting agencies—Experian, TransUnion, and Equifax. Accessing your credit report will not only give you a snapshot of your current financial standing but also allow you to spot any unfamiliar or unauthorized activities.
Once you have your credit report, scrutinize it carefully for any anomalies. Look for unfamiliar accounts, sudden changes in credit limits, or any other red flags that could indicate identity theft. Promptly report any discrepancies to the credit bureaus and creditors involved to initiate corrective actions. In addition, consider placing a fraud alert or credit freeze on your accounts to make it more challenging for fraudsters to open new accounts in your name. A fraud alert notifies creditors to take extra steps to verify your identity before granting credit, while a credit freeze restricts access to your credit report altogether.
3. Stay Alert
In the aftermath of the Evolve Bank data breach, those affected must now be extra cautious. This incident highlights the vulnerabilities within financial institutions and underscores the urgent need for consumers to proactively safeguard their personal information. With the stolen data already surfacing on the dark web, customers must act swiftly to protect themselves from potential exploitation.
Cybersecurity expert Jason Kent from Cequence elaborated on the broader impact of such breaches on the financial sector. He noted that consumers will need to adopt heightened vigilance due to the rise in data aggregation attacks targeting various organizations. As online transactions surge, services like Affirm are making Point-of-Sale (POS) loans as seamless as using Apple Pay in physical stores. However, the convenience of these services brings heightened risks, particularly when platforms managing sensitive data become cyberattack targets. Here are practical steps consumers should take to safeguard themselves in the wake of the Evolve Bank data breach.
