Dollar Bank reports Data Breach Impacting Bank Customers
Take action: When communicating a breach, be transparent and clear. Otherwise, you leave a lot of unanswered questions and you risk losing even more trust with your customers. Case in point - how can Dollar Bank claim that their systems were not affected by a data breach affecting another bank since 2021 if they merged with that bank in 2021 but discovered the data breach in 2023?
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Dollar Bank has reported data breach in which an unauthorized party gained access to confidential customer information from Standard Bank before the merger between the two banks took place.
The Dollar Bank investigation confirmed that the unauthorized party was able to access Standard Bank’s computer network on or about March 24, 2021. Unfortunately the data breach was discovered almost 2 years later - on February 4, 2023.
The compromised data includes names, addresses, Social Security numbers, dates of birth, driver's license numbers, state ID numbers, military ID numbers, bank account numbers, routing numbers, and account types. No details are available as to the number of affected customers.
Dollar Bank states that the unauthorized access occurred prior to the two banks merging, Dollar Bank’s systems were not affected by the cyberattack.
This statement that the Dollar Bank systems are not affected is quite unclear since Dollar Bank and Standard Bank merged in May 2021, and their systems were integrated in some form in the period since the merger. Unfortunately, no other details are available.
Dollar Bank has initiated the process of notifying affected individuals and is taking necessary steps to address the breach, including offering complementary 24 months identity monitoring services through Kroll’s Essential Monitoring.
