On June 28, 2024, Wise Payments Limited (“Wise”) posted a website notice explaining that an unknown number of Wise customers may have had their confidential information exposed as a result of a data breach at Evolve Bank & Trust (“Evolve”). In this notice, Wise explains that the incident may have resulted in an unauthorized party being able to access consumers’ sensitive information, which includes their names, addresses, dates of birth, contact details, and Social Security numbers. Upon completing its investigation, Wise began sending out data breach notification letters to all individuals whose information was affected by the recent data security incident.

If you received a data breach notification from Wise Payments Limited or Evolve Bank & Trust, it is essential you understand what is at risk and what you can do about it. A data breach lawyer can help you learn more about how to protect yourself from becoming a victim of fraud or identity theft, as well as discuss your legal options following the Evolve / Wise data breach. For more information, please see our recent piece on the topic here.

What Caused the Data Breach Affecting Wise Customers?

The Evolve Bank & Trust / Wise data breach was only recently announced, and more information is expected in the near future. However, both Evolve and Wise recently posted website notices providing some important information on what led up to the incident.

According to these sources, Wise Payments worked with Evolve between 2020 and 2023. During this time, Wise gave Evolve confidential information about its customers.

Evolve recently learned that a group of hackers claimed to have accessed the company’s IT network, after which they stole information, and then leaked it on the dark web. In response, Evolve notified law enforcement and then launched an investigation into the incident. This investigation is ongoing; however, at this point, Evolve believes that the hackers’ claims to be true.

After learning that sensitive consumer data was accessible to an unauthorized party, Wise reviewed the information that had been provided to Evolve to determine what information was compromised and which consumers were impacted. While the breached information varies depending on the individual, it may include your name, address, date of birth, contact details, and Social Security number. Notably, hackers never gained access to Wise’s systems; all compromised data was obtained through Evolve’s IT network.

The Evolve data breach is still under investigation. However, once the company’s investigation is complete, it will be required to send data breach letters to all affected parties. Wise may also send letters to those customers who were affected.

More Information About Evolve Bank & Trust and Wise Payments Limited

Founded in 1925, Evolve Bank & Trust is a financial institution based in Memphis, Tennessee. In addition to offering personal banking services, Evolve also partners with many large organizations, including Affirm, Airwallex, Alloy, Bond, Branch, Dave, EarnIn, Marqeta, Mastercard, Melio, Mercury, PrizePool, Step, Stripe, TabaPay and Visa. Evolve Bank & Trust employs more than 518 people and generates approximately $308 million in annual revenue.

Founded in 2012, Wise Payments Limited is a fintech company based out of London. Wise created a series of financial solutions and accounts, such as a unique money-transfer system, a multi-currency account with debit card capabilities and a business account. Wise employs more than 5,353 people and generates approximately $1.6 billion in annual revenue.