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Cyber security

Rocket Mortgage sued over third party web trackers

Cyber security, Law and legal issues, Mortgage technology, Rocket Mortgage /

Rocket Mortgage is being accused of selling mortgage applicants’ sensitive financial data to third parties, via surreptitious trackers on its website.  Processing Content Gary Fedoroff, who applied online for a refinance last November, filed a class action lawsuit in a California federal court last week accusing the megalender of unlawfully disclosing applicants’ information. The complaint […]

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SitusAMC faces consolidated class actions after data breach

Cyber security, Data breaches, Fraud, Law and legal issues /

SitusAMC is gearing up for a legal battle over the fallout of its data breach last fall, as eight class action complaints have been consolidated in federal court.  Processing Content The cases quickly piled up after the industry vendor revealed in November that it suffered a cybersecurity incident. The company has emphasized no encryption nor

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Union Home Mortgage says it paid ransom in data breach case

Cyber security, Data breaches, Fraud /

Union Home Mortgage says it paid a ransomware gang to delete sensitive data they stole in a cyberattack last year.  Processing Content The nonbank lender made the admission last month in federal court, part of a motion to dismiss a class action lawsuit from borrowers affected by the hack. The company also described how the

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Evolve faces suit over massive data theft

Cyber security, Fraud, Law and legal issues, Mortgage technology /

A class action lawsuit claims a ransomware gang stole more than 20 terabytes of information from vendor Evolve Mortgage Services in a purported incident the company has not disclosed. Former employee Rebekah Hardy sued Evolve last month in a Texas federal court for negligence, for failing to protect consumers’ data in a breach which allegedly

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Nations Direct agrees to settlement over 2023 data breach

Cyber attacks, Cyber security, Data breaches, Law and legal issues, Mortgage technology, Technology /

Wholesale lender Nations Direct Mortgage will settle a class action suit resulting from a 2023 cyberattack that led to the leak of personal data belonging to more than 83,000 consumers. The Henderson, Nevada-based business first began notifying victims and regulators in the months following a one-day cyber incident took place in late December 2023. Following

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Towne Mortgage hit with wave of data breach suits

Cyber security, Data breaches, Fraud, Law and legal issues /

Borrowers are slamming yet another mortgage lender with class action lawsuits after it revealed a data breach last month. Troy, Michigan-based Towne Mortgage did not say in a public notice how many of its customers were impacted in a June incident, in which a hacker may have copied data from its network. The attack compromised

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Banks, FBI assessing hack of SitusAMC

Cyber security, Hacking, Vendor management /

The hack of a technology vendor for real estate financiers left major American banks and mortgage lenders working Sunday to assess whether they were affected by the data breach.  The vendor, SitusAMC Group Holdings, LP, said in a statement Saturday that someone compromised its systems and took client data including “accounting records and legal agreements.”  The company

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Cloudflare disruption hit SoFi, Varo, other banks

Cloud computing, Cloud hosting, Cyber security, Digital banking, Fintech, Technology, Treasury Department /

Supporting data: Cloudflare dominates the “internet plumbing” sector with an estimated 82% market share for reverse proxy services, meaning a single glitch can ripple through global commerce. What’s at stake: The disruption reignites concerns detailed by the Treasury Department regarding the financial sector’s dangerous over-reliance on a small concentration of cloud service providers. Forward look:

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Chase launches new anti-scam program

Cyber security, Financial crimes, Fraud, JPMorgan Chase, Technology /

Key insight: JPMorganChase is launching its largest-ever anti-scam initiative, adding “trusted contacts” and dedicated intervention teams to fight record-high fraud. What’s at stake: Consumer advocates say the plan lacks a critical component: better reimbursement for scammed consumers, who rarely recover money from “authorized” payments. Supporting data: Americans lost an estimated $158.3 billion to fraud in

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Servicers OK data breach settlement after long legal battle

Servicers OK data breach settlement after long legal battle

Cyber security, Law and legal issues, Servicing, Technology /

Bayview Asset Management and three affiliates have agreed to a settlement with plaintiffs over a data breach lawsuit for a hack that affected 5.8 million people in 2021. The sides agreed to basic terms of a class action settlement, subject to court approval and the final dismissing of the case, according to a court document

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