Revolve notified at least 200,000 people that their personal and payment card information was stolen in the September breach, the report said.
Immediately after learning of the cyberattack, which involved unauthorized access to systems including the company’s online shopping platform, Revolve responded, contained and remediated the activity, according to the report.
Revolve’s investigation found that the hackers might have stolen the “names, addresses, payment card numbers and payment card expiration dates of customers who saved the data to their accounts on the company’s eCommerce platform,” the report said.
“This incident has not resulted in operational disruption or interrupted service to any customers, and as of the date of this report, the company does not believe this incident will have a material impact on its business,” Revolve said in a filing with the Securities and Exchange Commission, cited in the report.
Revolve has been in touch with law enforcement and hired a cybersecurity company to help with the remediation efforts, according to the report. The company is not providing the affected customers with free identity theft or credit monitoring services. It reminded them to review their account statements and remain on alert for fraud or identity theft.
The incident is the latest in a wave of data breaches. Last week, prediction market firm Polymarket briefly took its international exchange offline after one of its third-party providers was “compromised.” Also last week, cryptocurrency exchange Coinbase said that some of its customers’ contact data was exposed in an incident at Amplitude, an analytics vendor.
Meanwhile, the PYMNTS Intelligence report “Payment Protection: Why Firms Still Aren’t Real-Time Ready” found in August that 65% of companies planned to adopt or expand identity verification and know your customer automation in the next 12 months after being surveyed.
That number placed it ahead of secure bank connectivity and artificial intelligence-based fraud detection, both of which were mentioned by 59% of surveyed companies. Only reconciliation automation garnered more near-term interest, at 70%.
Additional data from the PYMNTS Intelligence report “When ‘Good Enough’ Isn’t Enough: Digital Identity Verification in the Age of Bots and Agents” found in January that financial services companies lose nearly $34 billion in revenue due to identity verification failures.
