Phishing attack hits crypto platform, impacts KYC record

Transak, a prominent cryptocurrency on-ramp platform used by major players like Metamask, Binance, and Trust Wallet, has reported a security breach impacting over 92,000 users. 

The breach, affecting approximately 1.14% of its user base, was the result of a phishing attack that compromised the laptop of an employee, allowing the attacker to infiltrate a third-party Know Your Customer (KYC) service provider.

The compromised data includes personal information such as names, dates of birth, ID documents (like passports and driver’s licenses), and user selfies. 

Despite this, Transak has reassured users that no financial information was exposed, and user funds remain safe, as the platform operates in a non-custodial manner, meaning users maintain full control of their assets.

Following the discovery of the breach, Transak swiftly moved to secure its systems and has hired cybersecurity experts to conduct a full investigation. 

The company has begun notifying affected users and emphasised that if a user has not received an email, they were not impacted by the breach.

Transak has also informed relevant data protection authorities, including the UK’s Information Commissioner’s Office (ICO), and is taking steps to comply with regulatory requirements. 

As part of its response, the company is bolstering employee training and security protocols to prevent future phishing attacks.

While there is no current evidence of misuse of the exposed data, Transak has urged affected users to remain vigilant and monitor their accounts for any suspicious activity.