Two major banks, JPMorgan Chase and TD Bank, have recently reported data breaches caused by rogue employees. These breaches resulted in fraudulent transactions for several customers.
JPMorgan Chase Breach
In early November 2024, a JPMorgan Chase employee in Massachusetts accessed customer credit card information without authorization. This information was then used to make fraudulent purchases. The bank fired the employee and reimbursed affected customers for the fraudulent transactions. It’s unclear if this employee stole data from customers in other states.
TD Bank Breach
TD Bank also reported a similar incident in Massachusetts, also in November 2024. An employee inappropriately accessed sensitive customer information, including names, birth dates, addresses, account numbers, social security numbers, and transaction details. This led to fraudulent activity on several customer accounts. TD Bank has reimbursed affected customers and reported the incident to law enforcement.
What This Means for Customers
Both banks have taken steps to address the breaches and compensate affected customers. However, these incidents highlight the risk of insider threats and the importance of strong security measures within financial institutions. Customers should remain vigilant and monitor their accounts for any suspicious activity.
