The digital banking service Dave.com has confirmed a data breach that exposes 7.5 million users details
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Around three years after the Los Angeles-based fintech startup Dave launched with a suite of money management tools to save consumers from overdraft fees, the company is now said to be worth more than $1 billion. The company used its overdraft protection service and money management display to shift customers’ focus away from the total balance that their account would show by giving them a sense of how much was actually left in their accounts once debits were included in their statements.
According to ZDNet, the digital banking company Dave.com has suffered a data breach in which 7.5 million users’ details were exposed and sold online.
Dave said the security breach originated on the network of a former business partner, Waydev, an analytics platform used by engineering teams. As the result of a breach at Waydev, one of Dave’s former third-party service providers, a malicious party recently gained unauthorized access to certain user data at Dave, a spokesperson told ZDNet.
Dave further assisted that it has already found from where the attacker gained access and has also started to inform the affected users about the breach. The company has also mentioned that the affected users will be receiving a password reset link.
“As soon as Dave became aware of this incident, the company immediately initiated an investigation, which is ongoing, and is coordinating with law enforcement, including with the FBI around claims by a malicious party that it has ‘cracked’ some of these passwords and is attempting to sell Dave customer data,” Dave added.
According to a data copy obtained by ZDNet, the breached data includes users’ details such as real names, phone numbers, emails, birth dates, and home addresses. Well, for some users it also includes payment card details and Social Security numbers, but Dave said these details were encrypted.
Meanwhile, the breach took place on July 25 early morning and it is unclear who is behind this breach. For more news on tech and cybersecurity stay tuned on Android Rookies by subscribing to our newsletter from here.