Financial firm experiences massive data breach, potentially exposing Social Security numbers, driver's license numbers, and addresses of 68,587 American individuals.
In the opening months of 2025, the financial services sector has been the most targeted industry for data breaches, according to a report by the Identity Theft Resource Center (ITRC). The sector experienced a staggering 387 publicly reported breaches, with sensitive financial and personal data leaking or being stolen in many of these incidents.
The breaches often resulted in large-scale leaks of sensitive financial and personal data, such as bank statements (found in 49% of breaches) and international bank account numbers (36%). Many breaches affected millions of customers or clients in total.
These incidents frequently involved targeted hacks on banks and financial service providers, as well as leaks caused by ransomware or insider threats. For example, one notable breach in a previous year was the Truist Bank hack, which affected employee information and was sold online by hacking groups.
The average financial services data breach cost rose, though it was less costly than healthcare sector breaches on average ($6.1 million vs. $9.8 million in the U.S.). The overall upward trend in data breaches reflects increasing cybercriminal targeting of financial data due to its value and sensitivity.
RiteCheck Cashing, a financial services company, experienced a cyberattack on August 25th, 2024, resulting in the unauthorized access of sensitive personal data belonging to customers and employees. Affected individuals were offered 12 months of credit monitoring and identity protection services through Cyberscout, a TransUnion company. Approximately 68,587 people were affected by the breach.
In response to the incident, RiteCheck Cashing took steps to enhance its security measures, changing the login credentials of user accounts and enhancing its threat detection and monitoring capabilities.
Elsewhere in the financial world, Arthur Hayes, a known figure in the crypto world, is associated with an altcoin that is outperforming the crypto market following a new partnership with Anchorage Digital. Meanwhile, US Lawmakers have issued subpoenas to JPMorgan Chase CEO Jamie Dimon and Bank of America Boss Brian Moynihan regarding their role in a Tesla supplier's IPO.
In the crypto news sphere, The Daily Hodl, a news platform covering the future of finance, including macro, bitcoin, ethereum, crypto, and web 3, invites users to join them on Telegram, X, and Facebook. The platform features news, Bitcoin, Ethereum, Altcoins, Financeflux, Trading, NFTs, Blockchain, Futuremash, Regulators, Scams, Hacks & Breaches, Latest Stories, FAQ, and Submit Guest Post. It also includes Industry Announcements, Latest, Press Releases, Chainwire, Sponsored Posts, and Submit Your Content. The Daily Hodl's copyright is from 2017-2025.
In a separate incident, a bank insider has been accused of draining $195,000 from churches, a kids museum, and customers, and faking his own death to avoid recovery of incriminating evidence by the US Department of Justice.
The financial services industry's vulnerability to data breaches underscores the need for robust cybersecurity measures to protect sensitive information and maintain trust with customers and clients. As the threat landscape continues to evolve, it is crucial for financial institutions to stay vigilant and proactive in their cybersecurity efforts.
- The rise in data breaches within the financial services sector, as highlighted by the ITRC report, has led to an increased focus on securing sensitive data such as bank statements, international bank account numbers, and personal information, often associated with cryptocurrency transactions and altcoins stored on blockchain networks.
- With the continued evolution of cyber threats, financial institutions like RiteCheck Cashing are enhancing their security measures by implementing stronger login credentials, threat detection, and monitoring capabilities, in a bid to protect customer and employee data and maintain trust in the industry.
