Key Takeaways
- Recently, the Reading Cooperative Bank was hit by a phishing campaign that exposed personal data of over 24,041 customers.
- It is believed that the attack took place between August 2024 to January 2025. As of yet, the exact date is unknown.
- Investigations indicate that the attack was a result of a phishing e-mail sent to an employee.
A billion-dollar bank, the Reading Cooperative Bank (RCB), has been hit by a cyberattack, which has put over 24,041 of its customers at risk.
A RCB has filed a report at the Office of the Maine Attorney General, stating that the attack occurred between August 2024 to January 2025.
What exactly happened?
Although the investigation is ongoing, it appears that a RCB employee received a phishing e-mail. As is common with phishing emails, the sender appeared to be a well-known organization with which the bank does regular business. The employee, therefore, was not suspicious.
By clicking on the phishing email, the attacker gained access to the internal network of the company. Phishing is a common practice.
The compromise of sensitive information such as names and other personal identifiable information of affected customers has been a result.
What is the bank’s take on this? The bank has remained mostly silent about the incident while investigations are conducted. They did implementadditional security measures.
Our internal and external experts are working together to further enhance the safety of our systems – RCB.
Our internal and external experts are working together to further enhance the safety of our systems – RCB.
Customers will need to wait until the bank provides further updates. In the meantime, customers can either freeze their accounts or call a Fraud Alert on their credit files.
Cyberattacks on the Rise in the Banking Industry (19659014) Cyberattacks are on the rise, and the banking sector has been one of the biggest victims. According to a Survey for 2024-2025shows that more than 1/5 of cyber attacks are directed at banks and financial institutions.
Attacks against banks are more devastating than other attacks because the money of ordinary citizens is at stake. Some of them may not be able bear the brunt.
Fortunately, the solution is easy. The public needs to be educated about the different ways that scammers may try to trick them.
In this case, the scam was a phishing e-mail, which is one of the oldest forms of cyberattacks. Banks and other businesses should increase their investment in security infrastructure as well as constant monitoring, and reduce reliance on third-party services.
They should also vet any outside security they hire before investing. The federal government must also step up its game in order to apprehend such criminals.
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Alpa is a senior editor with a wealth of experience in alternative finance, fintech, cryptocurrency, app security software, and the medical industry. She’s currently an in-house managing editor with the Techreport team.
Alpa is passionate about breaking down complex topics and sharing informative content that provides value.
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