Over $1.4 million in settlement funds is set to be distributed to customers of a prominent US bank following a breach of their privacy and security.
Webster Bank, along with several affiliated firms, has been accused of neglecting to safeguard the personally identifiable information of its clients during a data leak that occurred between November 27, 2022, and January 22, 2023.
The leaked sensitive data includes social security numbers, financial account details, and the full names of Webster Bank customers.
Guardian Analytics, a service utilized by the bank to monitor financial transactions, was ultimately responsible for the data leak to an unidentified third-party hacker.
While Webster Bank and Guardian Analytics have not admitted any legal wrongdoing in connection with the incident, they have agreed to a $1.4 million settlement that will be distributed to the bank’s clients.
Impacted clients have until April 24th to determine their eligibility for cash payments and submit a claim through Webster Bank.
The final approval of the settlement will take place in a New Jersey court on April 23rd.
In addition, Wells Fargo, a major banking titan, has recently disclosed a data breach that exposed sensitive information belonging to at least two of its customers.
According to a letter issued by the California-based financial giant, personal information and mortgage account numbers were compromised.
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