Fifth Third Provides Update on Fraud Investigation

CINCINNATI—Fifth Third Bancorp (Nasdaq: FITB) today provided the following update on its investigation into a small number of former employees in Cincinnati who accessed and misused some customers' personal information:

"Last week we reached out to customers whose personal information was manually accessed by a small number of former employees and may have been shared with people outside of the bank as part of a fraud ring. To be clear, this was not a cybersecurity data breach event, but rather an orchestrated effort by a small group of employees to steal personal information. At this time, we have confirmed approximately 100 customers who have experienced known fraud. Out of an abundance of caution, all customers whose data potentially may have been accessed by these individuals are being contacted. 

"Our primary concern, as always, is for the protection of our customers' assets and sensitive information. We are taking immediate steps to strengthen these protective measures. Any Fifth Third customer who experiences a direct financial loss will be reimbursed, and we are offering free Identity Alert for one year to any individual whose information was potentially accessed. During the course of the investigation, we have terminated those employees who were known to be involved in the fraud. Because this is an active investigation, we are limited in the information that we can share. We are cooperating fully with authorities in the investigation of this matter and we look forward to seeing justice served."

About Fifth Third Bancorp

Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio, and the indirect parent company of Fifth Third Bank, National Association, a federally chartered institution. As of December 31, 2019, Fifth Third had $169 billion in assets and operated 1,149 full-service banking centers and 2,481 ATMs with Fifth Third branding in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia and North Carolina. In total, Fifth Third provides its customers with access to approximately 53,000 fee-free ATMs across the United States. Fifth Third operates four main businesses: Commercial Banking, Branch Banking, Consumer Lending and Wealth & Asset Management. Fifth Third is among the largest money managers in the Midwest and, as of December 31, 2019, had $413 billion in assets under care, of which it managed $49 billion for individuals, corporations and not-for-profit organizations through its Trust and Registered Investment Advisory businesses. Investor information and press releases can be viewed at Fifth Third's common stock is traded on the Nasdaq® Global Select Market under the symbol "FITB." Fifth Third Bank was established in 1858. Deposit and Credit products are offered by Fifth Third Bank, National Association. Member FDIC.