Fiserv Flaw Exposed Customer Data at Hundreds of Banks

ronjor · Aug 28, 2018

Fiserv, Inc., a major provider of technology services to financial institutions, just fixed a glaring weakness in its Web platform that exposed personal and financial details of countless customers across hundreds of bank Web sites, KrebsOnSecurity has learned.
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https://krebsonsecurity.com/2018/08/fiserv-flaw-exposed-customer-data-at-hundreds-of-banks/

ronjor · Apr 27, 2019

Fintech giant Fiserv sued by Pa. credit union for 'baffling security lapses'

by Sean Lyngaas Apr 26, 2019
In a lawsuit filed Friday, Bessemer System Federal Credit Union said that the web platform maintained by Fiserv, is “plagued with security vulnerabilities that affect the privacy of thousands of Bessemer’s members.”
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guest · Jul 16, 2020

Credit union's lawsuit against Fiserv is a test for cybersecurity liability
July 15, 2020
https://www.cyberscoop.com/fiserv-bessemer-credit-union-lawsuit-cyber-consequences/

After more than a year of legal wrangling and bureaucratic delays, a major lawsuit is moving forward against a fintech giant for its allegedly lax cybersecurity practices.

A Pennsylvania credit union is taking on Fiserv, a Fortune 500 company that claims clients in over 100 countries, in a case that is a test of the legal obligations big financial firms have to protect client data.
Bessemer System Federal Credit Union’s (FCU) originally sued Fiserv in April 2019.

“Rather than addressing the problems by updating its security, Fiserv continued to use outdated security methods long after vulnerabilities were brought to Fiserv’s attention,” the credit union’s legal complaint says.
Stephen Reynolds, a partner focused on data security at the Ice Miller law firm, said the case “should serve as a reminder to financial institutions that security and trust are priorities for many companies.”
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Fiserv Flaw Exposed Customer Data at Hundreds of Banks

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