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Banking app Dave hit by data breach

Banking app Dave hit by data breach

American banking app Dave says a data breach at third party provider Waydev has exposed the personal information of its 7.5 million users.

Dave confirmed the incident after the information - including names, emails, birth dates, addresses and phone numbers - was posted on a public forum.

The startup says that bank account numbers, credit card numbers, records of financial transactions and unencrypted Social Security numbers were not affected.

Says a statement: "Dave has no evidence that any unauthorized actions were taken with any accounts or that any user has experienced any financial loss as a result of this incident."

The data was taken when hackers breached analytics platform Waydev, a former Dave third party partner.

Dave says it is coordinating with law enforcement, is notifying all customers and resetting all passwords.

Launched in 2016 as a personal finance assistant, Dave was valued at $1.2 billion at its last funding round and this year began rolling out a bank account to a two million-strong waitlist.

Comments: (1)

Hitesh Thakkar
Hitesh Thakkar - SME - Fintech startups (APAC and Africa) - India 29 July, 2020, 05:03Be the first to give this comment the thumbs up 0 likes

This shows one of the flaw in Corporate Governance and Risk management in young Fintech's as part of compliance supplier and partner IT risk assessment has become need of the hour.

Entire security breach event is attributed to basics of onboarding and disengaging service provider which is not followed.