After a small data breach, two Wells Fargo customers have received notification letters from the company, which clarified that it was not the victim of a cyberattack.
"Wells Fargo was not involved in a cyber-attack. An employee violated company policy for sending information to his personal account. The individual is no longer employed with Wells Fargo. Two customers are receiving a data breach notification letter. The needs of our customers are at the center of everything we do, and we regret any inconvenience this may cause," said the company in a statement provided to Audacy.
Previously, Audacy reported that consumer personal information might be at risk following an alleged cyberattack against Wells Fargo bank, based on a report from Cybernews that cited a breach letter. Wells Fargo said the report is inaccurate and that it was not involved in a cyberattack.
Wells Fargo & Company is a “leading financial services company that has approximately $1.9 trillion in assets,” according to its website. It serves 68 million customers.
Last September, Wells Fargo announced an “ongoing effort to thwart hackers,” by employing its own team of hackers known as the Offensive Security Research Team. That announcement came on the heels of a “technical issue” that resulted in customers’ direct deposits disappearing from their accounts, as reported by CNN.
It wouldn’t be the only recent data breach. Forbes Advisor reported in February that about 57,000 Bank of America customers were warned that their personal information may have been exposed due to a November cyberattack on bank service provider Infosys McCamish Systems.
Wells Fargo also made headlines this week for is boosted year-end S&P target. Yahoo Finance said the bank cited growth in artificial intelligence, the outlook for upcoming earnings, and investor expectations for interest rate cuts from the Federal Reserve as reasons for its increased projection. This Friday, the company is scheduled to deliver its first quarter 2024 earnings report.
For customers who may have had their data exposed in a data breach, Wells Fargo offers tips. They include considering a credit freeze, watching accounts for unusual activity and reviewing security options.
This story has been updated with a statement from Wells Fargo.