Two Top American Banks Report Major Data Breach

Recent developments in the U.S. banking sector have heightened concerns, especially with news of a significant data breach affecting major banks.

Despite being one of the world’s most advanced economies, the U.S. has faced several financial troubles, including the collapse of multiple banks and high-profile fraud cases.

TD Bank and Summit National Bank are the latest institutions to report a serious data breach. This breach, which affected thousands of customers, came to light when both banks contacted the Maine Attorney General’s Office. The breach is believed to have occurred between the third quarter of 2023 and the second quarter of 2024.

Summit National Bank, based in Wyoming, detected suspicious activity in May, with the breach confirmed to have taken place from May 13 to 16. This incident compromised the personal information of 10,912 customers. The delay in disclosure was due to a failure in early detection.

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TD Bank identified the breach on July 16, though it occurred months earlier. This breach impacted 41 customers. In total, 10,953 individuals had their personal data exposed, including names, Social Security numbers, and financial details.

According to the Maine Attorney General’s Office, the breach at TD Bank was an insider job. The bank reported that between September 2023 and March 2024, an employee accessed personal information without authorization.

TD Bank has notified affected customers and issued an apology, while setting aside over $3 billion to cover penalties and enhance anti-money laundering measures.