SunTrust says Data Breach may affect 1.5 Million Customers

SunTrust Banks Inc. (NYSE: STI) said on Friday that it was affected by a data breach that can affect nearly 1.5 million customers as the bank also released their quarterly financial results, which topped analysts’ estimates.

SunTrust Chief Executive Officer William Rogers Jr. made the announcement and said that a former employee tried to steal consumer information nearly six to eight weeks ago.

Although, Rogers said the employee tried to print the data, the information did not contain customer’s social security numbers, account numbers or passwords. Rogers believes only names and account balances were compromised.

SunTrust spokeswoman Sue Mallino declined to disclose the locations affected and the identity of the suspect saying that the matter is under investigation.

“"Ensuring personal information security is fundamental to our purpose as a company of advancing financial well-being," Rogers said in another statement, “We apologize to clients who may have been affected by this.”

As part of an apology, SunTrust is offering free identity protection through Experian IDnotify for all current and new consumer clients. The service provides customers with credit monitoring, an annual credit report, identity theft insurance with up to $1 million in reimbursements and identity restoration.

"Our priority is protecting our clients and maintaining their trust. Beyond this incident, we want to help all SunTrust clients combat the increasing concern about identity theft and fraud, wherever it may occur." added Rogers.

Along with offering free protection, Rogers says SunTrust also increased monitoring of accounts and other security measures, but the bank has still yet to identify significant fraudulent activity.

SunTrust reported first quarterly profit of $612 million, increasing 36 percent year over year, or $1.29 per share, topping analysts’ estimates of $1.11.

SunTrust does not believe that the breach will affect its financial results for the year.

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