On June 29, 2024, Patelco Credit Union (‘Patelco’) experienced a ransomware attack that led to a serious security incident. This required the organization to immediately enforce measures to address and resolve the incident by shutting down its daily banking operations, which impacted its online banking services, mobile application, and call center. “Currently, electronic transactions such as transfers (including Zelle), direct deposit, balance inquiries, and payments are unavailable. Debit and credit card transactions function in a limited capacity,” the credit union said. Despite the disruption of their systems, they informed their members that Patelco ATMs can still be accessed, including over 30,000 shared branch ATMs in the U.S. The union has partnered with a leading cyber security forensic firm to assist in the investigation and speedy recovery process, while also collaborating with regulators and law enforcement agencies. However, they have not provided any information regarding what data was impacted and the severity of the attack, as of this time.
Patelco Credit Union is a full-service, not-for-profit financial cooperative dedicated to helping members and communities prosper, with $9 billion in assets and over 450,000 members nationwide. They are one of the largest credit unions in the United States, headquartered in Northern California, with 36 neighborhood branches and a virtual branch operating for more than 87 years.
Throughout this incident, updates are posted on their website, assuring their members of their commitment to keep its members informed and provide the best possible service given the situation and inconvenience caused by the ransomware attack. Erin Mendez, CEO of Patelco, said in a statement yesterday, “Today, we have good news: our cyber security specialists have validated and greenlighted our core systems – your money is safe and secure. Our cyber security professionals continue the larger forensic investigation on all our file systems. Our technology team and cyber security professionals will be continuing to work 24/7 until we are fully restored. Unfortunately, we do not anticipate having our systems up and running this weekend.”
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