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FINTECH FRENZY: AFFIRM & OTHERS EMERGE AS VICTIMS IN EVOLVE BREACH

A ransomware attack has become a supply chain issue, thanks to the victim's
partnerships with other financial services companies.

Nate Nelson, Contributing Writer

July 2, 2024

3 Min Read
Source: Carl Morrow via Alamy Stock Photo


A ransomware attack against a large financial services provider has become a
problem for many companies it works with, two of which have already alluded to
potential negative impacts on customer data.

The infamous LockBit group earned some undue attention early last week when it
claimed to have hacked the US Federal Reserve. In fact, it had breached the far
lesser Evolve Bank & Trust.

According to a statement from Memphis-based Evolve, the attack occurred in late
May, when an Evolve employee clicked on a malicious phishing link. Though the
attackers didn't access any customers' money, they were able to access and
download customer information from databases and a file share. They also
encrypted some data but, thanks to backups, the company "experienced limited
data loss and impact on our operations."



LockBit was kicked out of Evolve's systems by the end of the month. But after
the victim refused to pay the ransom, the group leaked the data it had stolen.

The twist is that, in addition to banking and lending for private citizens and
businesses, Evolve offers business-to-business (B2B) banking-as-a-service (BaaS)
and payments processing technologies. So beyond its own direct customers, its
latest cyber incident has also spread to users of other financial companies that
integrate with it, and more victims of the breach are coming to light.




DOMINOS START FALLING

For example, there's the multibillion-dollar London-based Wise. According to a
statement last week, it partnered with Evolve from 2020 to 2023 to "provide USD
account details" to its customers. To enable that service, Wise shared with
Evolve its customers' names, addresses, dates of birth, contact details, and ID
numbers, including employer identification numbers and Social Security numbers.
According to Wise, this information "may have been involved" in Evolve's latest
breach.



Ditto to buy now, pay later (BNPL) company Affirm, which uses Evolve to issue
and service its credit card-style Affirm Cards. Customers' cards remain
untouched, but the personal information Affirm shared with Evolve is another
matter. "The full scope, nature and impact of the incident on the Company and
Affirm Card users, including the extent to which there has been unauthorized
access to Affirm Card user Personal Information, are not yet known," the company
reported in an 8-K filing with the SEC.

Evolve has many other notable partners in the financial services industry, most
notably Stripe and Shopify. A number of them are currently investigating whether
their customers' data has been affected.






"This is another unfortunate example of a supply chain problem impacting an
organization," says Erich Kron, security awareness advocate at KnowBe4. "The
more we have these very large companies that service many smaller ones, the more
this threat will continue to become apparent through breaches such as this.
Unfortunately for Affirm, it will be their name going out on the breach
notifications and potentially their reputation at risk."






ABOUT THE AUTHOR(S)

Nate Nelson, Contributing Writer



Nate Nelson is a freelance writer based in New York City. Formerly a reporter at
Threatpost, he contributes to a number of cybersecurity blogs and podcasts. He
writes "Malicious Life" -- an award-winning Top 20 tech podcast on Apple and
Spotify -- and hosts every other episode, featuring interviews with leading
voices in security. He also co-hosts "The Industrial Security Podcast," the most
popular show in its field.

See more from Nate Nelson, Contributing Writer
Keep up with the latest cybersecurity threats, newly discovered vulnerabilities,
data breach information, and emerging trends. Delivered daily or weekly right to
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