US Banks Assess Data Theft After Fintech Breach

Data Breach at SitusAMC Impacts Major U.S. Financial Institutions

Multiple large U.S. banks and mortgage lenders are currently working to determine the extent to which customer data was compromised following a recent cyberattack on a New York-based financial technology firm.

SitusAMC Confirms Data Breach

SitusAMC, a technology provider serving over 1,000 commercial and real estate finance companies, publicly acknowledged a data security incident that occurred on November 12th.

The company reported that unauthorized actors gained access to corporate data linked to the relationships between SitusAMC and its banking clients. This included “accounting records and legal agreements.”

Investigation and Containment

The full scope of the cyberattack is still being investigated. However, SitusAMC has stated that the incident has been contained and its systems are functioning normally.

Notably, the attackers did not employ ransomware, indicating their primary goal was data extraction rather than system disruption.

Affected Institutions

According to reports from Bloomberg and CNN, SitusAMC has notified several major financial institutions about the breach, including JPMorgan Chase, Citigroup, and Morgan Stanley.

The company’s client base also encompasses pension funds and various state governments.

Uncertainty Regarding Data Volume

The precise amount of data stolen and the number of affected U.S. banking customers remain unclear.

While SitusAMC may not be a household name, it plays a crucial role in enabling banks and real estate firms to adhere to both state and federal regulations.

As an intermediary for financial clients, the company manages substantial volumes of confidential banking information.

SitusAMC’s website indicates that the company processes billions of loan-related documents each year.

Responses from Affected Parties

Citi spokesperson Patricia Tuma declined to provide comment regarding the breach when contacted by TechCrunch. She also did not confirm whether the bank had received any communication from the attackers.

Representatives from JPMorgan Chase and Morgan Stanley have not yet responded to requests for comment.

Michael Franco, CEO of SitusAMC, also did not respond to inquiries.

FBI Involvement

The FBI has confirmed its awareness of the data breach and is actively investigating.

FBI director Kash Patel stated that, “While we are working closely with affected organizations and our partners to understand the extent of potential impact, we have identified no operational impact to banking services.”

The bureau is dedicated to identifying the perpetrators and protecting critical infrastructure.

Seeking Further Information

Do you possess additional information concerning the SitusAMC data breach? Are you employed by a bank or financial institution impacted by this incident? We are interested in hearing from you. For secure communication, please contact this reporter via Signal using the username: zackwhittaker.1337