On July 25, 2023, Valley National Bank filed a notice of data breach with the Attorney General of Texas after discovering that confidential data that had been provided to the bank was compromised. In this notice, Valley explains that the incident resulted in an unauthorized party being able to access consumers’ sensitive information, which includes their names, Social Security numbers and addresses. Upon completing its investigation, Valley began sending out data breach notification letters to all individuals whose information was affected by the recent data security incident.

If you received a data breach notification from Valley National Bank, it is essential you understand what is at risk and what you can do about it. As we’ve discussed in previous posts, financial institutions have a legal obligation to protect the confidential information in their possession. And, when a bank or credit union’s negligence results in a data breach, the institution may be liable to victims through a data breach lawsuit. A data breach lawyer can help you learn more about how to protect yourself from becoming a victim of fraud or identity theft as well as discuss your legal options following the Valley National Bank data breach.

What Caused the Valley National Bank Breach?

The Valley National Bank data breach was only recently announced, and more information is expected in the near future. And while Valley’s filing with the Attorney General of Texas provides some information about the breach, the available information is limited. According to this source, Valley National Bank recently learned that sensitive information provided to the bank was subject to unauthorized access. At this point, it is unclear if the breach affected Valley National Bank’s IT network or the IT network of one of the bank’s vendors.

After learning that confidential consumer data was accessible to an unauthorized party, Valley National Bank reviewed the compromised files to determine what information was leaked and which consumers were impacted. While the breached information varies depending on the individual, it may include your name, Social Security number and address.

On July 25, 2023, Valley National Bank sent out data breach letters to anyone who was affected by the recent data security incident. These letters should describe in detail what specific data types were leaked for each recipient.

More Information About Valley National Bank

Founded in 1927, Valley National Bank is a financial institution based out of Wayne, New Jersey. Valley National Bank offers traditional banking products to individuals and businesses, including checking and savings accounts, various loan products, home mortgages, credit cards and investment products. Valley National Bank is traded on the NASDAQ stock exchange under the symbol “VLY.” Valley National Bank employs more than 3,370 people and generates approximately $1.7 billion in annual revenue.