Secure Complaint RMAI Certified Broker
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A fintech firm is warning customers about a major cybersecurity incident affecting the personal and financial data of hundreds of thousands of Americans.
In a filing with the Office of the Maine Attorney General, FinWise Bank says 689,000 customers of American First Finance (AFF) are affected by a massive data breach carried out by a former employee who accessed the firm’s database at the end of their employment.
FinWise says it has a contract with AFF to offer installment loans to consumers. Under the setup, customers use AFF’s platform to apply for and manage loans while Finwise acts as the bank that originates and funds the loans. FinWise says the breach took place on May 31st, 2024, but it was discovered only on June 18th the following year.
“Upon learning of the incident, FinWise immediately launched an investigation in consultation with outside cybersecurity professionals who regularly investigate and analyze these types of situations to help determine whether any sensitive data had been accessed by the former FinWise employee after the end of their employment.”
While a copy of the customer notice filed with the Maine AG redacted the data elements potentially compromised, Claim Depot says the exposed records may include names, addresses, dates of birth, Social Security numbers and financial account details.
FinWise is an FDIC-insured bank headquartered in Utah that specializes in providing fintech solutions. Meanwhile, AFF is a tech-driven financial services company that provides payment solutions for consumers, particularly those with less-than-perfect credit.
FinWise says it has taken precautions to safeguard customer data while offering 12 months of free credit monitoring and identity theft protection services to affected AFF customers.
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