A US-based lender, Centennial Bank, is currently grappling with multiple class action lawsuits following a significant security breach that exposed the personal information of thousands of customers. According to a report by Top Class Actions, a consumer-focused news site, the bank’s data breach, which took place in April 2023, was disclosed to affected individuals only a year later.

Centennial Bank’s official website disclosed that the breach occurred between April 6th and 7th of the previous year, and the lender completed its security review on March 29th. Although the exact number of affected customers remains undisclosed, a mandatory notification in Washington State indicates that 3,044 individuals were impacted in that state alone.

The breach exposed sensitive data such as full names, Social Security numbers, birth dates, driver’s license numbers, bank account details, and health insurance information. The lawsuits filed against the bank argue that it failed to implement a robust security system to safeguard its customers’ data, and its actions were deemed intentional, reckless, negligent, or careless.

Local news outlet 104.9 The Fox reported that the incident led to a system-wide shutdown for Centennial Bank, rendering customers unable to access online banking, use cards for transactions, withdraw cash, or pay bills. Branches also experienced difficulties with cash deposits and withdrawals, while automatic bill payments were delayed.

With a total asset base of $22 billion and 222 physical locations across Arkansas, Alabama, Florida, Texas, and New York City, the lender is now grappling with the legal consequences of its security lapse. Customers are advised to exercise caution and conduct their own due diligence before considering any high-risk investments in cryptocurrencies or digital assets.

It’s important to note that The Daily Hodl does not provide investment advice and encourages readers to assess risks before engaging in any transactions. Any losses incurred are the responsibility of the individual, and the platform does not recommend specific investments or endorse buying or selling cryptocurrencies.

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