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HomeFinance News$1.4M payout for breach victims as bank's deadline nears for claims.

$1.4M payout for breach victims as bank’s deadline nears for claims.

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Clients of a major US bank, Webster Bank, are set to receive a portion of a $1.4 million settlement after their personal information was compromised in a data breach. The breach, which occurred between November 27, 2022, and January 22, 2023, involved the leakage of sensitive data such as social security numbers, financial account details, and full names of the bank’s customers.

The data leak was attributed to Guardian Analytics, a service utilized by Webster Bank to monitor financial transactions. Despite Webster Bank and Guardian Analytics denying any legal wrongdoing, they have agreed to the $1.4 million settlement to compensate affected clients. The affected customers have until March 25th to determine their eligibility for cash payments and submit a claim through the bank.

The final approval of the settlement is scheduled to take place in a New Jersey court on April 23rd. This incident echoes a recent data breach suffered by Wells Fargo, another banking giant, which exposed sensitive information of two of its customers. These breaches underscore the increasing importance of safeguarding personal data in the digital age and the potential financial consequences for companies that fail to do so.

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