What's Going On with Patelco Credit Union's System and Security

Patelco Credit Union has been making headlines lately, and one of the main concerns is its system and security. Patelco Credit Union's system and security have been compromised, with the credit union announcing that a data breach occurred in 2020.

The breach affected over 940,000 members, with sensitive information such as names, addresses, and social security numbers potentially compromised. Patelco Credit Union has taken steps to notify affected members and offer free credit monitoring.

Patelco Credit Union's system and security measures are under scrutiny, with questions raised about how the breach occurred and what steps the credit union is taking to prevent future breaches.

Patelco credit union's system has been stabilized after a ransomware attack on June 29. Patelco has 500,000 customers.

The credit union is limiting customers to withdrawing $500 at a time, which is frustrating many who need to make payments that are much more than that. This limitation is causing stress for customers who have mortgages to pay or other large payments to make.

A customer, Carlos Garcia, needs to access more of his money to make a final payment on a house, or he'll lose his 20% deposit. He's unable to get the keys otherwise.

Patelco's online banking and mobile app systems aren't working right now, and customers can't use the app or Zelle. Over the weekend, Patelco said their network was "stabilized" and some transactions were being processed.

Patelco is working with a cybersecurity forensic firm to investigate the hackers and recover all of its systems.

Patelco Credit Union experienced a "serious security incident" on June 29, which forced them to shut down some of their online banking services.

The incident required the credit union to shut down online banking, mobile app, and call center services to remediate the issue and contain the impact.

The credit union has more than 500,000 members and is worth $9.7 billion.

Patelco's President and CEO Erin Mendez told members that the incident was a ransomware attack, but the details of the attack are still unclear.

Cybersecurity teams have been working with Patelco since Saturday to resolve the issue and restore online services.

Electronic transactions such as transfers, direct deposit, balance inquiries, and payments are still unavailable.

Members can access cash withdrawals and deposits at specific ATMs within the Co-op Network, which has over 30,000 shared branch ATMs in the US.

Patelco will reimburse its customers for late fees and overdraft charges due to the incident.

The credit union has provided some functions like check writing, limited credit and debit transactions, any form of deposit, Venmo and PayPal, and electronic payments for bills.

However, some customers are still unable to access their accounts, and the company has not provided a specific timeframe for recovery or restoration.

A slew of lawsuits have been filed against Patelco alleging it failed to properly secure and safeguard members' personal information from the ransomware attack.

Customers are advised to monitor their credit to make sure there are no new accounts opened under their name, and to be cautious going forward.