Patelco Credit Union’s “serious security incident” disrupts banking services for nearly five lakh members


Cybersecurity expert says advances in AI will increase cyber threats in 2024

Nearly half a million members of Patelco Credit Union, with branches in the Bay Area and Northern California, have been without access to banking services after what the CEO called a “serious security incident” over the weekend.

The Dublin, Alameda County-based credit union announced at 7 a.m. that their services are unavailable, including online banking, mobile app, direct deposit, transfers, and debit and credit card transactions.

Patelco members received an email from President and CEO Erin Mendez about the security incident, although details of the incident were not disclosed.

The email said the credit union is working with cybersecurity experts to assess the situation and restore services. Mendez also said an estimated time for restoration was not available.

Patelco is the nation’s 27th largest credit union, with $9.8 billion in assets and 455,000 members and more than 1 million accounts. This nonprofit credit union has 37 branches in the Bay Area and Sacramento area. It is one of the oldest credit unions in the U.S., founded in 1936 for employees of the former Pacific Telephone and Telegraph Company, now known as AT&T.

#

Disclaimer : The content in this article is for educational and informational purposes only.

Leave a Reply

Your email address will not be published. Required fields are marked *