Wells Fargo Faces Class Action Lawsuit Over Data Breach
Wells Fargo is currently embroiled in a new class action lawsuit over allegations of failing to adequately secure customers’ personally identifiable information. The lawsuit, spearheaded by lead plaintiff Tamra Bacon, asserts that Wells Fargo experienced a “preventable hack” that resulted in the exposure of thousands of customers’ data.
According to Bacon, Wells Fargo recently confirmed a breach, revealing that an insider at the bank had accessed and utilized customers’ information for fraudulent activities spanning from May 2022 to March 2023. The stolen data encompasses a wide range of sensitive information, including names, addresses, dates of birth, phone numbers, email addresses, social security numbers, driver’s license numbers, bank account numbers, credit/debit card numbers, brokerage account numbers, and loan/line of credit numbers.
Bacon expressed the significant impact of the incident on her financial well-being, stating that she has been plagued by fear, anxiety, and stress, exacerbated by Wells Fargo’s failure to fully disclose crucial details about the breach. She anticipates substantial time and monetary investments to mitigate the repercussions of the breach, along with an enduring risk of identity theft and fraud in the foreseeable future.
Despite the allegations, Wells Fargo has refrained from publicly addressing the breach, with Bacon attributing the incident to lax security measures at the third-largest bank in the United States. The complaint, which currently includes over 100 class members, asserts that these individuals are entitled to “injunctive and other equitable relief” due to the compromise of their data, some of which was exploited for fraudulent purposes.
The lawsuit seeks to hold Wells Fargo accountable for the damages inflicted on Bacon and thousands of other affected individuals in the wake of the preventable hack. As the legal proceedings unfold, the impacted customers are hopeful for a resolution that addresses their grievances and ensures better data protection measures in the future.
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