Patelco Credit Union, one of the largest credit unions in the nation, has announced the restoration of online and mobile banking services for its customers after a ransomware attack left over 500,000 account holders unable to access their accounts. The Bay Area-based bank revealed that starting Monday, July 15, customers will once again have the ability to view their account balances and perform various banking transactions.
Erin Mendez, the president and CEO of Patelco, expressed gratitude for the progress made in restoring functionality and acknowledged that further work is needed for a complete recovery. While some services, such as balance inquiries, transaction histories, Zelle, and online bill pay, have been fully restored, others, including electronic statements and opening new accounts, remain unavailable.
The cyberattack, which involved hackers encrypting sensitive data and demanding payment for its release, caused significant distress among Patelco’s customers. Many took to social media to express their concerns and demand answers regarding the extent of the data breach and the security measures being taken by the credit union.
Anjani Byrd, a Patelco client and San Jose State engineering technology student, voiced his frustration with the lack of transparency and updates provided by the bank. Byrd, who had been unable to view his account balance, expressed concerns about making payments and managing his finances effectively. He even considered moving his funds to his secondary account with Navy Federal Credit Union due to the uncertainty surrounding Patelco’s services.
The full impact of the ransomware attack on customers’ private information and the extent of the financial damage suffered by Patelco remains unclear. However, the credit union has taken steps to address the situation, including waiving late and overdraft fees for affected customers and assisting in rectifying any negative credit marks resulting from the incident.
Despite these efforts, clients like Byrd feel that the actions taken by Patelco are insufficient in addressing their concerns and restoring their trust in the institution. The uncertainty surrounding their financial situation has left many feeling vulnerable and anxious.
As Patelco continues to work towards a complete recovery, customers hope for a swift resolution and the restoration of all services. The credit union’s handling of the aftermath of the data breach has raised questions about its ability to combat future cyber threats and protect its customers’ sensitive information.