Digital Banking Site 'Dave' Admits Security Breach Impacting 7.5 Million Users (zdnet.com) 21
"Digital banking app and tech unicorn Dave.com confirmed today a security breach," reports ZDNet, "after a hacker published the details of 7,516,625 users on a public forum."
In an email to ZDNet today, Dave said the security breach originated on the network of a former business partner, Waydev, an analytics platform used by engineering teams... The company said it has already plugged the hacker's point of entry and is in the process of notifying customers of the incident. Dave app passwords are also being reset after being exposed.
"As soon as Dave became aware of this incident, the company immediately initiated an investigation, which is ongoing, and is coordinating with law enforcement, including with the FBI around claims by a malicious party that it has 'cracked' some of these passwords and is attempting to sell Dave customer data," Dave said. The company also brought in cyber-security firm CrowdStrike to assist the investigation...
The data includes a wealth of information, such as real names, phone numbers, emails, birth dates, and home addresses.
"As soon as Dave became aware of this incident, the company immediately initiated an investigation, which is ongoing, and is coordinating with law enforcement, including with the FBI around claims by a malicious party that it has 'cracked' some of these passwords and is attempting to sell Dave customer data," Dave said. The company also brought in cyber-security firm CrowdStrike to assist the investigation...
The data includes a wealth of information, such as real names, phone numbers, emails, birth dates, and home addresses.
Jokes on them! (Score:1)
This is one of those "banks" for the dimwitted payday loan users.
Dave! (Score:5, Funny)
Dave's not here man...
Teeing this one up... (Score:3)
And where was Dave when all of this happened?
Re:Teeing this one up... (Score:5, Funny)
Removing Hal's memory banks.
Unicorn? (Score:2)
With 7.5 million users the company is valued at over a billion dollars? I've never heard of this site, so maybe. But why?
More details (Score:2)
Apparently, it targets lower-income individuals. So, it's not worth a ton because it caters to 7.5 million millionaires (which would make that valuation credible). So did they just self-proclaim they were worth 1 billion dollars or did they actually have a finance round that valued them as such?
Re: (Score:2)
Sort of like the Uber plan (except I don't think that one is going to work out).
Re: (Score:2)
Never heard of them, either. Apparently, there's a market for folks who need a bank, but never go into a local branch to do actual banking type things (such as depositing cash). This little bullet point on their site has suddenly become hilarious, though:
Security stronger than a bear
Every account is protected by banking-level security and FDIC-insured up to $250,000.
If their security is a bear, it must have met its Davy Crockett...
Re:Unicorn? (Score:4, Insightful)
Security stronger than a bear
The language used is hilariously unsophisticated because their targets lower income groups which has a large overlap with financial illiteracy (maybe general reading level too)....... and which is surprisingly profitable segment.
I'd struggle to find ways a regular bank can successfully extract 2% of your take home pay from money you already have in traditional banking, but apparently a Cheque cashing fee of over 2% is quite a thing in 24 hours Check-Cashing Outlets of many American states. If a lower-middle class employee cashes their salaries like the Unbanked does, that would have been like $90 / mth - , a sum that's higher than their cable bills or 3 dinners out per month as a couple. The poor just pays more and is way more profitable as customers, willingly or unwillingly.
Dave's business is probably horrendously run but their business plan (and pandering to the unsophisticated) likely make good business sense.
Loser.COM (Score:1)
This is a service that offers nothing unusual and can't secure their front door and yet have 7.5 MILLION users.
This is not a "tech unicorn", it's just another poser. Feel free to look it up.
"We brung in some security firm. Didn't think to set one up ahead of time. D'Oy."
Good riddance.
E
I always... (Score:2)
Seriously, anybody who uses some third party product to access their bank accounts has got to have a screw loose.
I access my banking information in exactly one place online: my bank (credit union)'s web site.
Re:I always... (Score:4, Informative)
I'm sorry Dave (Score:4, Funny)
Hello Dave! (Score:2)
Hello Dave! You're my wife now!
(look it up, some of BBC's finest comedy that series)
I've never heard of Dave Bank (Score:2)
Is that the one opposite Karen's Pawn?
Who's the bad guy here? (Score:1)