Transak hit by data breach, 92K users exposed
Transak's data breach affected over 92,000 users after a phishing attack compromised an employee's laptop.
Crypto on-ramp firm Transak has disclosed a recent data breach that affected over 92,000 users.
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Transak Discloses Data Breach Affecting Over 92,000 Users: A Wake-Up Call for the Crypto Industry
In a recent blog post, Transak, a leading crypto on-ramp firm, disclosed a data breach that compromised sensitive information of over 92,000 users. The incident occurred when a malicious actor gained access to an employee's laptop through a phishing attack, allowing them to log in to the system of a third-party Know Your Customer (KYC) vendor used for document scanning and verification services.
According to Transak, the attacker gained access to specific user information stored within the vendor's dashboard, including names, dates of birth, passports, driver's licenses, and selfies of 92,554 users, which represents approximately 1.14% of the company's user base. However, the company assured that no financially sensitive information, such as email addresses, phone numbers, passwords, credit card details, Social security Numbers, or any other financial data, was compromised during the attack.
Transak offers a fiat-to-crypto gateway, enabling users to buy and sell digital assets using fiat money. The company integrates directly with crypto wallets and decentralized applications (DApps) for transactions, providing non-custodial on-ramps for major crypto wallets and exchanges, such as Binance, Metamask, and Coinbase.
The affected users are being contacted by Transak, and the company has notified data protection authorities in the United Kingdom and regulators across the European Union and the United States. In a statement, Transak emphasized that if users do not receive an email from the company, they have not been affected by the breach.
This incident is not an isolated case, as another major financial firm, Fidelity investments, recently disclosed a data breach that compromised the personal information of over 77,000 customers between August 17 and August 19. This is Fidelity's fourth data breach in the last 12 months, with the others occurring on March 4, March 18, and July 19.
The Transak data breach serves as a reminder of the importance of robust security measures and employee training to prevent phishing attacks. As the crypto industry continues to grow, it is essential for companies to prioritize user data protection and transparency in the event of a breach.
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Conclusion:
The Transak data breach serves as a wake-up call for the crypto industry to prioritize user data protection and transparency. As the industry continues to grow, it is essential for companies to invest in robust security measures and employee training to prevent similar incidents. Users should remain vigilant and take steps to protect their personal information, including monitoring their accounts for suspicious activity and using strong passwords.
In addition, companies should prioritize transparency in the event of a breach, ensuring that affected users are notified promptly and provided with clear information about the incident. The crypto industry must work together to prevent data breaches and protect user data, ensuring the continued growth and trust in the sector.
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