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Affirm's (AFRM) Card Issuer Evolve Bank Under Cyber Attack
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Affirm Holdings, Inc. (AFRM - Free Report) recently announced that the personal information of its cardholders may have been compromised in the Evolve Bank and Trust’s cyber-attack last week. The cybercriminals involved in this breach are the gang of LockBit, who published the stolen data on the dark web. Evolve, a third-party issuer, issues Affirm’s cards, providing a buy now pay later option to 18 million customers.
Affirm has clarified that its systems remain secure. However, data shared with Evolve Bank for card issuance may have been compromised. This includes sensitive information such as names, Social Security Numbers, and account details. The attack also impacted companies like Mercury, Melio, EarnIn and Marqeta. If more companies who were impacted come forward, the actual impact of the breach will be clearer.
Affirm, in response to this incident, alerted its 18 million customers about the incident, reassuring that Affirm installment loans and services unrelated to Evolve remain unaffected. The company has advised impacted cardholders to reset their card PINs, set up fraud alerts, and monitor accounts for suspicious activity as measures of precaution. Per the company, its merchants and partner integrations have not been direct impacted by this incident. Moreover, Affirm Cards and Affirm Money Accounts remain operational and safe to use.
Affirm has emphasized its commitment to customer protection and service continuity despite the breach. The company continues to investigate the extent of the attack’s impact on its customers and remains steadfast in securing their personal information. AFRM’s investigation and remediation efforts are continuing as of Jul 1, 2024.
Price Performance
Over the past year, shares of Affirm have surged 85% against the 4.4% decline of the industry.
The Zacks Consensus Estimate for Envestnet’s 2024 earnings is currently pegged at $2.62 per share, indicating 23.6% year-over-year growth. It beat earnings estimates in three of the past four quarters and met once, with an average surprise of 9.4%. The consensus mark for ENV’s revenues of almost $1.4 billion suggests a 9.6% increase from the year-ago level.
The Zacks Consensus Estimate for Paysafe’s current-year earnings is now pegged at $2.47 per share, indicating 6% year-over-year growth. It beat earnings estimates thrice in the past four quarters and missed once, with an average surprise of 18.3%. The consensus mark for PSFE’s revenues of $1.7 billion suggests a 6.5% increase from the year-ago level.
The Zacks Consensus Estimate for Fiserv’s 2024 earnings of $8.69 per share suggests 15.6% year-over-year growth. It beat earnings estimates thrice in the past four quarters and met once, with an average surprise of 2.3%. The consensus estimate for FI’s current year revenues is pegged at $19.3 billion, indicating a 7.2% increase from a year ago.
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Affirm's (AFRM) Card Issuer Evolve Bank Under Cyber Attack
Affirm Holdings, Inc. (AFRM - Free Report) recently announced that the personal information of its cardholders may have been compromised in the Evolve Bank and Trust’s cyber-attack last week. The cybercriminals involved in this breach are the gang of LockBit, who published the stolen data on the dark web. Evolve, a third-party issuer, issues Affirm’s cards, providing a buy now pay later option to 18 million customers.
Affirm has clarified that its systems remain secure. However, data shared with Evolve Bank for card issuance may have been compromised. This includes sensitive information such as names, Social Security Numbers, and account details. The attack also impacted companies like Mercury, Melio, EarnIn and Marqeta. If more companies who were impacted come forward, the actual impact of the breach will be clearer.
Affirm, in response to this incident, alerted its 18 million customers about the incident, reassuring that Affirm installment loans and services unrelated to Evolve remain unaffected. The company has advised impacted cardholders to reset their card PINs, set up fraud alerts, and monitor accounts for suspicious activity as measures of precaution. Per the company, its merchants and partner integrations have not been direct impacted by this incident. Moreover, Affirm Cards and Affirm Money Accounts remain operational and safe to use.
Affirm has emphasized its commitment to customer protection and service continuity despite the breach. The company continues to investigate the extent of the attack’s impact on its customers and remains steadfast in securing their personal information. AFRM’s investigation and remediation efforts are continuing as of Jul 1, 2024.
Price Performance
Over the past year, shares of Affirm have surged 85% against the 4.4% decline of the industry.
Image Source: Zacks Investment Research
Zacks Rank & Other Key Picks
Affirm currently has a Zacks Rank #2 (Buy).
Investors interested in the broader Business Services space can look at some other top-ranked stocks like Envestnet, Inc. (ENV - Free Report) , Paysafe Limited (PSFE - Free Report) , and Fiserv, Inc. (FI - Free Report) . Each stock presently carries a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The Zacks Consensus Estimate for Envestnet’s 2024 earnings is currently pegged at $2.62 per share, indicating 23.6% year-over-year growth. It beat earnings estimates in three of the past four quarters and met once, with an average surprise of 9.4%. The consensus mark for ENV’s revenues of almost $1.4 billion suggests a 9.6% increase from the year-ago level.
The Zacks Consensus Estimate for Paysafe’s current-year earnings is now pegged at $2.47 per share, indicating 6% year-over-year growth. It beat earnings estimates thrice in the past four quarters and missed once, with an average surprise of 18.3%. The consensus mark for PSFE’s revenues of $1.7 billion suggests a 6.5% increase from the year-ago level.
The Zacks Consensus Estimate for Fiserv’s 2024 earnings of $8.69 per share suggests 15.6% year-over-year growth. It beat earnings estimates thrice in the past four quarters and met once, with an average surprise of 2.3%. The consensus estimate for FI’s current year revenues is pegged at $19.3 billion, indicating a 7.2% increase from a year ago.