What You Need to Know
Truist Bank experienced a data breach that resulted in unauthorized access to clients’ personal and financial information, including names, dates of birth, financial account numbers, loan transaction amounts, and loan balances.
- Company Name: Truist Bank
- Date Filed: June 11, 2024
- Number of People Affected: Unknown
- Data Breached: Names, dates of birth, financial account numbers, loan transaction amounts, loan balances
Who’s Affected & What Data Was Breached
Affected Customers
Truist Bank has begun sending out notification letters to individuals whose information was compromised due to the data security incident. The exact number of affected customers has not been specified.
Compromised Data
The sensitive information accessed includes names, dates of birth, financial account numbers, loan transaction amounts, and loan balances. The data that was compromised varies depending on the individual client affected.
Overview of Truist Bank Data Breach
Initial Discovery of the Breach
Truist Bank acknowledged a security incident after identifying that an unauthorized party had gained access to their computer network. The discovery led to a filing with the Attorney General of Massachusetts, indicating that sensitive consumer data was potentially compromised.
Extent of the Data Compromise
The personal information at risk due to the unauthorized access includes names, dates of birth, financial account numbers, loan transaction amounts, and loan balances of affected consumers. The breach was not all-encompassing but pertained to specific accounts and details.
Investigation Initiated by Truist Bank
In response to the breach, Truist Bank took immediate steps to secure their network and informed law enforcement of the incident. They also collaborated with third-party data security experts to thoroughly investigate the scope and source of the breach.
Timeline of Events
The breach was traced back to October 27, 2023, when it was determined that an unauthorized entity managed to gain entry into a select number of employee accounts. This unauthorized access enabled the unknown party to view certain client data.
Identification and Notification of Affected Individuals
A careful examination of the exposed files allowed Truist Bank to determine exactly what data was leaked and who the impacted customers were. Subsequently, on June 11, 2024, Truist began the process of sending notification letters to the individuals whose information was involved in the incident, detailing what specific information had been compromised.
Actions Taken Following the Data Breach
Following the full investigation and the review of compromised files, Truist Bank executed their protocol for a data breach event. This entailed directly contacting the individuals affected and providing them with the necessary information to understand the breach and its implications for their personal information and financial security.
Conclusion
The notification to clients serves as an official statement from Truist Bank regarding the data security incident, ensuring transparency and enabling customers to take appropriate actions to safeguard their personal information and financial accounts. Truist’s open communication in the aftermath of the breach signifies an attempt to responsibly manage the situation by keeping impacted clients informed and vigilant.
More Information About Truist Bank
Overview
Truist Bank is a significant financial institution with its headquarters in Charlotte, North Carolina. It was established in 2019 through the merger of two well-known banksBB&T and SunTrust Bank.
Services Offered
The bank offers a variety of services including personal banking, business banking, mortgages, investment services, and loan products. Clients rely on Truist for day-to-day financial transactions, wealth management, and financing solutions.
Customer Base
Truist Bank serves a diverse clientele, ranging from individual consumers to small businesses and large corporations. Its customer base largely consists of residents and businesses located in the 15 states and Washington, D.C., where it operates.
Branch Network and Employment
With an expansive network of 2,781 branches, Truist has a robust physical presence in the communities it serves. The bank employs more than 49,037 people, indicating its sizable impact on the local economies and job market.
Financial Footprint
The bank’s substantial contribution to the financial sector is evident from its approximately $23.4 billion in annual revenue. Truist’s financial performance reflects its importance and reach within the industry.
Online and Mobile Banking
In the current digital age, Truist also provides online and mobile banking options to its customers. This enables clients to manage their finances conveniently and access services remotely.
Financial Security
Truist has put in place security measures to protect its clients’ financial information and to provide a safe banking experience. However, as the recent data breach demonstrates, the bank and its clients are not immune to cybersecurity risks.
Assistance and Notification
In response to security incidents and to safeguard its customer relationships, Truist Bank notifies affected clients and takes steps to assist them. These actions are part of the company’s protocol to address data privacy concerns.
Community Impact
Apart from its primary financial services, Truist Bank contributes to the communities it serves. It does so through various community development programs and investments, further solidifying its presence as a community-focused organization.
By offering a wide range of financial services and maintaining a large network of branches, Truist Bank has established itself as a vital entity within the banking sector, catering to millions of customers and contributing significantly to local and national economies.