Patelco Credit Union customers waiting to access full accounts after ransomware attack

J.R. Stone Image
Tuesday, July 2, 2024
Customers waiting after Bay Area credit union hit by ransomware attack
Patelco Credit Union customers have no word when they'll be able to access most of their banking services after a ransomware attack.

SAN FRANCISCO (KGO) -- Customers of a Dublin-based credit union still have no word when they'll be able to access most of their banking services or money.

Patelco Credit Union was hit by a ransomware attack, according to a spokesperson.

Bank members said Monday they were left wondering when they'll be able to access all of their funds.

"I'm scared! I'm afraid it's going to go belly-up," said Richard, a bank member.

"I haven't had access to any of my accounts in Patelco," said another man.

A statement from the bank says they are working with a third-party cybersecurity forensic firm:

"Please know that our team and third-party partners are working around the clock to get back up and running."

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On Monday, the Patelco Credit Union location near 2nd and Mission in San Francisco was only allowing folks to take out $500.

"You know it's rent day, today we have to pay rent right, and this is only for 500 dollars. Where the hell do you get a place for 500 in the city? It's not enough," said Richard.

Patelco says they experienced the ransomware attack on Saturday. Two days later and some of the day-to-day systems are still shut down.

"In the end, the insurance companies will pick up the tab," cybersecurity expert Tony Coulson said. "The dumbest criminal today is the one that walks into a bank with a gun to rob the bank. You're not going to get anything. The smart ones are the ones doing this because they know there will be an insurance payout."

Coulson is the Cybersecurity Center director at Cal State San Bernardino.

"I think ransomware is meant to also panic the public to a certain degree, oh my goodness I can't get ahold of something and then the pressure mounts and the next thing you know someone is forced into paying the ransom," he said.

Coulson isn't surprised that customers have been waiting to bank for at least two days. He says before a bank like Patelco goes back online, they want to make sure everything is as it was, and will stay that way going forward.

He shared his thoughts on if we'll continue to see this type of attack on banks.

"In this country we have about a 500,000 person deficit in cybersecurity," Coulson said. "Until we can fill those jobs we're going to be putting up with these types of attacks frequently."

Updates to the Patelco bank situation can be found here.

According to Patelco's website, there are 37 branches throughout the Bay Area and Northern California.

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