A serious cybersecurity breach has put major U.S. banks on alert after SitusAMC, a widely used technology vendor in the real estate lending industry, confirmed that sensitive customer data was stolen during a large-scale cyberattack.
SitusAMC works with hundreds of banks and mortgage lenders, including giants like JPMorgan Chase, Citi, and Morgan Stanley, making this incident one of the most concerning data breaches in recent years.
What Happened?
The company revealed that a cyberattack occurred on Nov. 12, and for nearly two weeks, it worked to understand how much data had been compromised. Early findings indicate that the exposed information is tied to residential mortgage loan data, which typically includes extremely sensitive details such as:
- Social Security numbers
- Employment and income information
- Home addresses
- Loan applications
- Internal bank records
Multiple major banks have been notified that their customer data may have been accessed, though none have confirmed the extent of their exposure. JPMorgan stated that its own systems were not breached, but acknowledged they are evaluating the vendor-related risk.
SitusAMC and Federal Response
SitusAMC CEO Michael Franco confirmed that law enforcement — including the F.B.I. — has been notified and is working closely with the company.
In a statement, FBI Director Kash Patel assured the public that the hack has not affected U.S. banking operations, even as investigators continue assessing the damage.
Why This Breach Is So Concerning
Cyberattacks on financial vendors are not unusual, but this one stands out because of the massive amount of nonpublic information SitusAMC handles.
Experts warn that the breach could affect not only customer identities, but potentially sensitive internal banking data, such as:
- Risk assessments on real estate portfolios
- Regulatory compliance documents
- Nonpublic operational details
Because virtually every major lender relies on SitusAMC for “the plumbing” of real estate loan processing, the ripple effects could be wide-reaching.
Industry Reaction
SitusAMC employs around 5,000 people and works with many of the nation’s top 20 banks. Industry specialists describe the company as essential yet behind-the-scenes — making this breach especially disruptive.
Financial analysts say this incident highlights a growing vulnerability:
Even if a bank’s own systems are secure, third-party vendors can still expose customers to risk.
Reader Advice: Protect Yourself After a Data Breach
Because this breach may involve highly sensitive financial information, here are important steps every consumer should take:
1. Monitor Your Bank Accounts Closely
Watch for unusual activity, even small transactions. Fraud often starts with tiny test charges.
2. Freeze Your Credit
A credit freeze is the strongest protection against identity theft — and it’s free. It prevents criminals from opening new accounts in your name.
3. Change Online Banking Passwords
Even if your bank wasn’t directly hacked, update passwords and enable two-factor authentication.
4. Be Alert for Phishing Attempts
Scammers often exploit news of a breach to target customers with fake “verification” emails or calls.
5. Request Free Credit Reports More Frequently
You’re entitled to free weekly credit reports via AnnualCreditReport.com. Use this to track any suspicious activity.
Staying alert now can prevent long-term financial damage later.
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