Evolve Bank Data Breach Settlement: $20+ for Affected Customers

In May 2024, Evolve Bank & Trust suffered a ransomware attack by the LockBit group, resulting in a data breach affecting numerous customers. The breach stemmed from an employee clicking a malicious link, granting LockBit access to customer information stored in Evolve's databases and file shares in February and May 2024. Evolve partnered with various fintech companies including Affirm, Bilt, Shopify, Mercury, Plaid, and Stripe, meaning customers who interacted with these companies through Evolve might have had their data compromised. A settlement has been reached, offering compensation to affected individuals. Eligible individuals are those in the United States who provided their private information to Evolve, directly or indirectly, and whose information was part of the compromised files. Those unsure of their eligibility can contact the Settlement Administrator. The settlement offers two cash payment options: Cash Payment A, covering documented losses up to $3,000 with supporting documentation, and Cash Payment B, a flat $20 payment. Additionally, all participants receive one year of credit monitoring with real-time alerts and identity theft insurance coverage up to $1,000,000. The actual payout amount may be adjusted proportionally based on the total number of valid claims and the size of the settlement fund. To file a claim, individuals must complete a Claim Form online or by mail by October 30, 2025. The form must be signed and contain all requested information. This settlement addresses a significant data breach, providing financial compensation and credit monitoring to affected customers.

(Source: https://dannydealguru.com/evolve-bank-trust-settlement/)