A class action lawsuit claims a ransomware gang stole more than 20 terabytes of information from vendor Evolve Mortgage Services in a purported incident the company has not disclosed. Processing Content Former employee Rebekah Hardy sued Evolve last month in a Texas federal court for negligence, for failing to protect consumers’ data in a breach […]
Evolve faces suit over massive data theft Read More »
Wholesale lender Nations Direct Mortgage will settle a class action suit resulting from a 2023 cyberattack that led to the leak of personal data belonging to more than 83,000 consumers. The Henderson, Nevada-based business first began notifying victims and regulators in the months following a one-day cyber incident took place in late December 2023. Following
Nations Direct agrees to settlement over 2023 data breach Read More »
Borrowers are slamming yet another mortgage lender with class action lawsuits after it revealed a data breach last month. Troy, Michigan-based Towne Mortgage did not say in a public notice how many of its customers were impacted in a June incident, in which a hacker may have copied data from its network. The attack compromised
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The hack of a technology vendor for real estate financiers left major American banks and mortgage lenders working Sunday to assess whether they were affected by the data breach. The vendor, SitusAMC Group Holdings, LP, said in a statement Saturday that someone compromised its systems and took client data including “accounting records and legal agreements.” The company
Banks, FBI assessing hack of SitusAMC Read More »
Supporting data: Cloudflare dominates the “internet plumbing” sector with an estimated 82% market share for reverse proxy services, meaning a single glitch can ripple through global commerce. What’s at stake: The disruption reignites concerns detailed by the Treasury Department regarding the financial sector’s dangerous over-reliance on a small concentration of cloud service providers. Forward look:
Cloudflare disruption hit SoFi, Varo, other banks Read More »
Key insight: JPMorganChase is launching its largest-ever anti-scam initiative, adding “trusted contacts” and dedicated intervention teams to fight record-high fraud. What’s at stake: Consumer advocates say the plan lacks a critical component: better reimbursement for scammed consumers, who rarely recover money from “authorized” payments. Supporting data: Americans lost an estimated $158.3 billion to fraud in
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Bayview Asset Management and three affiliates have agreed to a settlement with plaintiffs over a data breach lawsuit for a hack that affected 5.8 million people in 2021. The sides agreed to basic terms of a class action settlement, subject to court approval and the final dismissing of the case, according to a court document
Servicers OK data breach settlement after long legal battle Read More »
Flagstar Bank has agreed to a $31.5 million settlement to resolve two class action lawsuits stemming from data breaches which impacted over 2 million consumers. The agreement, pending a Michigan federal judge’s approval, will create the fund for approximately 2,187,170 class members, according to case filings in October. The bank suffered two distinct cyberattacks in
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Samuel Corum/Bloomberg What’s at stake: The CFPB uses outdated software and has no strategy for responding to cybersecurity risks, the report found. Supporting Data: The CFPB’s information security program experienced a rapid drop in effectiveness — from a level 4 in fiscal year 2024 to a level 2 rating in fiscal year 2025. Forward Look:
CFPB’s cybersecurity program ‘no longer effective:’ OIG says Read More »
The Federal Housing Administration, which insures a large number of loans in the U.S. market, will be instituting a new digital file format for distressed mortgages that will add several reporting elements related to taxes and insurance. The new electronic-data interchange file for default reporting also addresses data privacy by removing 24 elements that are
FHA updating default reporting with new tax, insurance data Read More »