FinWise Bank Agrees To $2.8 Million Data Breach Settlement

FinWise Bank has agreed to a $2.8 million settlement to resolve claims stemming from a data breach that took place around May 31, 2024. The incident exposed the personal information of up to 689,000 customers across the United States. The class action lawsuit also named FinWise Bancorp and American First Finance as defendants.

Affected individuals can now file claims for compensation. Eligible class members may claim up to $5,000 for documented financial losses directly tied to the breach, or they can opt for a cash payment from the remaining funds. The settlement package also includes two years of three bureau credit monitoring services for those affected by the exposure.

Anyone wishing to file a claim must submit their paperwork by October 29, 2026. Submissions can be completed through the official settlement website or by mail. Payouts for approved claims will go out roughly 90 days after the court grants final approval to the settlement terms.