DUBLIN, Calif.–Two weeks after a ransomware-led outage that began June 29, Patelco Credit Union is reporting its members will have access to online banking and its mobile app effective Monday, July 15.
Patelco’s more than 500,000 members will be able to access to their accounts, balances, and the ability to move money via online banking/mobile app or in a Patelco branch, the credit union said.
As CUToday.info has previously reported, Patelco Credit Union confirmed it systems were taken down by a ransomware attack, but it has not provided any other details in a story that has received widespread news coverage in the Bay Area.
‘Restored Most Functionality’
“….Our branches and contact center will also be able to support most of our members’ requests,” CEO Erin Mendez said in a statement on the Patelco’s website, where it has been providing regular updates since its systems went down. “We have restored most functionality and the services most used by our members. We recognize that there is still progress to be made and while this may not look perfect, we are grateful to be able to support you with your banking needs again. As this process proceeds, please understand that you may experience longer wait times at our branches and contact center, especially earlier in the week.”
Additional Announcements
In addition, the $9.7-billion Patelco said it is:
- Removing most of its fees for July and August automatically
- Reimbursing third-party fees related to late payments on other bills between June 29 and July 15.
- Providing letters on members’ behalf if late payments affect a credit scores
“While members will not have access to electronic statements at this time, they will have visibility into transaction history,” Patelco said. “Additionally, members can expect to receive printed month end statements for June and July. The June statement will arrive in late July and include June 1 – July 15 transactions and a printed statement for July 16-31 transactions will arrive in early August.”
The Big Question
“I know that many of you have asked why this process has taken so long and I want to share that we have meticulously examined and bolstered our environment in order to bring our systems back online,” Mendez said in the online statement. “Cybersecurity defense is a constantly moving target, particularly for financial services institutions, which are often targets for these kinds of attacks. We remain committed to making strategic investments in the advanced tools, teams, and partners that help keep us safe.”
Lawsuits Filed
As CUToday.info reported here, two separate class action lawsuits have been filed against Patelco over the incident.