Security experts discuss recent Bank of America data breach (2024)

FAQs

What is the latest security breach of Bank of America? ›

Hackers from the ransomware group LockBit stole personal information from Bank of America customers. They did so by hacking into Bank of America's third-party vendor Infosys McCamish's systems. When did the Bank of America breach occur? The breach occurred on November 3, 2023.

Data breach affects 57,000 Bank of America accounts

A data breach at Infosys McCamish, a financial software provider, compromised the names, addresses, dates of birth, Social Security numbers and other account information of 57,028 deferred compensation customers whose accounts were serviced by Bank of America.

Bank of America Customers Left In The Dark About Data Breach For 90 Days. About 57,000 Bank of America customers are being warned that their personal information may have been exposed during a November cyberattack on bank service provider Infosys McCamish Systems.

Use Avast Hack Check to see what accounts have been compromised. If you find any, change their passwords immediately — use our password generator for the best results.

User reports indicate no current problems at Bank of America

Clients can review their account balances and transactions, deposit checks and tranfer money through online banking and mobile banking apps for iPhone, iPad, Android, Windows Phone, Blackberry, Kindle Fire and other mobile operating systems.

Based on the analysis of Bank of America's financial health, risk profile, and regulatory compliance, we can conclude that the bank is relatively safe from any trouble or collapse. The bank's financial performance has been stable, and its balance sheet shows a healthy level of capital and a diversified loan portfolio.

The CFPB has taken numerous actions against Bank of America for violating federal law. In July 2023, the CFPB and the Office of the Comptroller of the Currency (OCC) ordered Bank of America to pay over $200 million for illegally charging junk fees, withholding credit card rewards, and opening fake accounts.

Protesters gather outside Bank of America Headquarters while climate resolutions seeking more disclosure on BOA lobbying and rates of fossil to clean financing receive strong shareholder support.

A Bank of America Glitch Sent Customers Into a Panic Over Missing Funds. On Wednesday morning, Bank of America customers began reporting issues with payments processed through the money transfer service Zelle, which led to money disappearing from their accounts.

Did Bank of America freeze accounts? ›

"Banks can accidentally freeze accounts through fraud detection errors. In July 2022, the Consumer Financial Protection Bureau (CFPB) fined Bank of America $100 million for incorrectly freezing accounts with a faulty fraud detection program," they wrote.

To address any harm you endured, the law gives you the right to seek financial compensation following a data breach. You can and should seek legal recourse from a company that exposed your data, and you can file a lawsuit to obtain payment for your losses.

If your normal email password isn't working, there's a good chance you've been hacked. There are strange messages in your “Sent” folder. In other cases, a hacker wants to use your email without alerting you that you've been hacked. Look for strange emails in your sent folder that you didn't send.

How To Check If My Phone Number Is Leaked. Go to ID Protection Data Leak Checker and find out if your phone number appeared in any data leaks.

Is Bank of America FDIC insured? Yes, all Bank of America bank accounts are FDIC insured (FDIC #3510) up to $250,000 per depositor, for each account ownership category, in the event of a bank failure.

Bank of America class action: Legitimate fraud claims must be covered, lawsuit says. Congress determined that banks are required to pay for financial fraud reported by consumers in a timely manner, unless the bank can determine the charges were not fraud, the lawsuit says.

Threats. Economic Volatility and Interest Rate Fluctuations: BAC's performance is susceptible to economic downturns and interest rate changes. The bank's net interest income benefits from higher interest rates, but an unpredictable economic environment can lead to market volatility and credit risk.