Major Data Breach at Second-Largest U.S. Bank Compromises Social Security Numbers and Personal Data

Bank of America Data Breach Exposes Customer Data
Bank of America has reported a security lapse that exposed sensitive customer information, including Social Security numbers, addresses, account details, and government IDs. The breach occurred when a third-party vendor left documents unsecured outside a financial center on December 30, 2024. The vendor was tasked with shredding the records but failed to store them properly.

Documents were left unsealed, risking exposure of customer data.

Scope and Impact
The bank has not disclosed how many of its 69 million U.S. customers were affected but confirmed at least two instances of compromised data. Impacted clients in Massachusetts, New York, Washington D.C., and Oregon were advised to contact their state’s Attorney General for identity theft resources. Bank of America is offering free two-year identity theft protection via Experian and monitoring accounts for suspicious activity.

Third-Party Risks
This isn’t Bank of America’s first breach linked to third-party vendors. In January 2024, a software provider exposed data of 414 mortgage clients in Maine, leaking Social Security numbers, passport details, and loan information.

Customer Safety Recommendations
The bank urged affected customers to:

• Monitor banking statements and credit reports.
• Enable multifactor authentication (MFA).
• Update account passwords (minimum 8 characters).
• Keep contact information current for fraud alerts.

Exposed data includes critical personal and financial details.

Broader Banking Sector Issues
Other major U.S. banks have faced similar lapses:

• Citigroup: A 2024 breach exposed credit card data, following a $136 million fine in 2020 for poor data management.
• JPMorgan Chase: A software flaw in 2024 compromised 450,000 retirement plan accounts, exposing routing/account numbers.
• Wells Fargo: Fined $3 billion in 2020 for creating millions of fake accounts without consent.

Bank of America continues investigating the incident, emphasizing transparency and customer protection. Customers are encouraged to act on the bank’s recommendations to mitigate risks.

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