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Wise Exposes the Dark Side of Fintech: Your Money at Risk


DATA BREACH EPIDEMIC: WISE CUSTOMERS’ PRIVATE INFO STOLEN, COMPANY DOWNPLAYS RISK

In a shocking revelation, Wise, a leading money transfer and fintech company, has admitted that some of its customers’ personal data may have been stolen in the recent data breach at Evolve Bank and Trust. But don’t worry, Wise assures us that "our systems were not compromised" and "customers can access their accounts safely."

Meanwhile, Evolve Bank and Trust, the bank responsible for the breach, is still scrambling to contain the damage. The company claims that the breach was a result of an employee clicking on a malicious link, and that customer funds were not affected. But what about the customers’ personal information? Did they click on the link too?

According to Wise, the company shared U.S. customers’ personal data with Evolve, including names, addresses, dates of birth, contact details, and Social Security numbers or Employer Identification Numbers. For non-U.S. customers, Wise also shared "another identity document number." Yeah, because one identity document number wasn’t enough, right?

The company is still investigating the extent of the breach, but in the meantime, it’s assuring customers that they’ll be "notified directly" if their information has been compromised. Because nothing says "confidence-building" like a company’s attempt to reassure you that they’re doing something about it while simultaneously downplaying the severity of the breach.

But here’s the kicker: Wise and Evolve are not the only ones affected. The data breach has already been linked to other fintech companies, including Affirm, EarnIn, Marqeta, Melio, and Mercury, all of which are investigating how the breach has impacted their customers. And who knows how many more companies are still unaware of the breach?

The data breach epidemic is spreading, and it’s only a matter of time before the next big blowout happens. Will Wise and Evolve take responsibility for their role in the breach? Probably not. Will they compensate their affected customers? Doubtful. But one thing is for sure: the data breach fallout will continue to spread like wildfire, leaving a trail of financial ruin and reputational damage in its wake.

STAY TUNED FOR MORE UPDATES ON THIS DEVELOPING STORY



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