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DATA BREACH ALERT: Edelson Lechtzin LLP is Investigating Claims on Behalf of FinWise Bank Customers Whose Data May Have Been Compromised

1. FinWise Bank's data breach involved customer data exposed by a former employee. 2. The breach, occurring in May 2024, was reported 14 months late. 3. Legal investigations have begun into a potential class action lawsuit. 4. Compromised data includes sensitive personal details of customers. 5. FinWise provides embedded banking services to various non-financial businesses.

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FAQ

Why Bearish?

Data breaches typically diminish investor confidence; FinWise's significant delay in disclosure raises concerns, similar to the fallout experienced by Equifax post-breach.

How important is it?

The breach and potential lawsuits could significantly impact FinWise's operational risks and financial standing, creating notable investor concern.

Why Short Term?

Immediate effects on brand reputation and investor trust appear likely, as seen in past security incidents like Target's breach, which led to quick stock price declines.

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NEWTOWN, Pa., July 30, 2025 (GLOBE NEWSWIRE) -- The law firm of Edelson Lechtzin LLP is investigating data privacy claims regarding an incident involving FinWise Bank (“FinWise”). FinWise learned of a data breach on or about May 31, 2024. If you would like to discuss your options with a lawyer, please click HERE. About FinWise Bank FinWise Risk is a Utah chartered bank that provides “embedded banking” services, assisting non-financial businesses, including fintechs, in offering financial products to consumers and businesses. What happened? On July 29, 2025, FinWise announced that it experienced a data security incident involving a former employee who accessed FinWise data after the end of their employment. According to FinWise the breach occurred on or about May 31, 2024, however, FinWise delayed providing notice to those affected by the data breach for more than 14 months. Following an internal investigation, FinWise confirmed that compromised data includes personal information, specifically, customers’ full names, Dates of Birth, Social Security Numbers, and account numbers. How can I protect my personal data? If you receive a data breach notification concerning FinWise, you should take steps to protect yourself against identity theft and fraud by regularly reviewing your account statements and monitoring your credit reports for any suspicious or unauthorized activity. Edelson Lechtzin LLP is investigating a class action lawsuit to seek legal remedies for individuals whose sensitive personal data may have been compromised by the FinWise data breach. For more information, please contact: Marc H. Edelson, Esq.EDELSON LECHTZIN LLP411 S. State Street, Suite N-300Newtown, PA 18940Phone: 844-696-7492 ext. 2Email: medelson@edelson-law.com Web: www.edelson-law.com   About Edelson Lechtzin LLP Edelson Lechtzin LLP is a national class action law firm with offices in Pennsylvania and California. In addition to cases involving data breaches, our lawyers focus on class and collective litigation in cases alleging securities and investment fraud, violations of the federal antitrust laws, employee benefit plans under ERISA, wage theft, and consumer fraud. This press release may be considered Attorney Advertising in some jurisdictions.

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