![Patelco Credit Union faces ransomware attack Patelco Credit Union faces ransomware attack](https://varindia.com/storage/news/2024/07/AfL5sB1BeKtrcdwUER9wAroMKTme8GBvPcL0Ltbt.webp)
Patelco Credit Union is a member owned, not-for-profit credit union that serves Northern California, particularly the San Francisco Bay Area. Founded in 1936, it is one of the oldest and largest credit unions in the country.
According to the company, The credit union has 455,000 members holding over one million accounts and operates 37 branches with nearly 10 billion U.S. dollars in assets and half a million clients in the Bay Area and the Sacramento area. It is the 22nd largest credit union in the country.
Patelco Credit Union, the third-largest credit union in the San Francisco Bay Area, California, reported a significant security breach over the weekend. This breach led to the shutdown of its banking systems, according to a report by the San Francisco Chronicle on Monday.
In an email to credit union members, Patelco President and CEO Erin Mendez stated that a cybersecurity forensic firm is assisting the company in investigating the attack and recovering its networks as soon as possible. However, she noted that restoring full service to customers would take time.
"The next few days - and coming weeks - may present challenges for our members, as we continue to navigate around the limited functionality we are experiencing due to this incident," Mendez said in the email.
Sources said, the incident occurred on June 29, 2024. The breach forced Patelco to shut down critical systems including online banking, mobile app, and call centers. Unfortunately, there's no estimated timeline yet for when these systems will be fully restored.
Mendez assured members that Patelco would reimburse any late fees incurred due to the ransomware attack. Additionally, any Patelco overdraft, late payment, or ATM fees will be waived until the system is fully operational. Members concerned about late payments affecting their credit scores can request letters from Patelco to address these concerns.
"Please rest assured that while we might not have all the answers to your questions right now, we are working hard to resolve this issue and are committed to frequent and transparent communications as we learn more," Mendez said.
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