Betterment has disclosed a security incident involving unauthorized access to third-party tools through a social engineering phishing attack. The breach resulted in the exposure of customer contact information, though no financial account details were compromised.
The company is actively investigating the incident and has taken steps to enhance security measures to prevent similar attacks in the future. Customers have been notified and advised to remain vigilant for any suspicious communications.
**Why this matters**
This breach highlights the risks associated with phishing attacks targeting financial service providers and their third-party vendors. Even without direct access to financial accounts, exposure of customer contact information can lead to further fraud attempts or identity theft. It underscores the importance of robust security practices and customer awareness.
Source: NewsData