diff --git a/package-lock.json b/package-lock.json
index f8c7a759e672..bc9ca3867097 100644
--- a/package-lock.json
+++ b/package-lock.json
@@ -9973,9 +9973,9 @@
       }
     },
     "node_modules/ajv-formats": {
-      "version": "2.1.1",
-      "resolved": "https://registry.npmjs.org/ajv-formats/-/ajv-formats-2.1.1.tgz",
-      "integrity": "sha512-Wx0Kx52hxE7C18hkMEggYlEifqWZtYaRgouJor+WMdPnQyEK13vgEWyVNup7SoeeoLMsr4kf5h6dOW11I15MUA==",
+      "version": "3.0.1",
+      "resolved": "https://registry.npmjs.org/ajv-formats/-/ajv-formats-3.0.1.tgz",
+      "integrity": "sha512-8iUql50EUR+uUcdRQ3HDqa6EVyo3docL8g5WJ3FNcWmu62IbkGUue/pEyLBW8VGKKucTPgqeks4fIU1DA4yowQ==",
       "dependencies": {
         "ajv": "^8.0.0"
       },
@@ -36658,7 +36658,7 @@
         "@loopback/testlab": "^7.0.0",
         "@types/debug": "^4.1.12",
         "@types/node": "^16.18.91",
-        "ajv-formats": "^2.1.1"
+        "ajv-formats": "^3.0.1"
       },
       "engines": {
         "node": "18 || 20"
@@ -36732,7 +36732,7 @@
         "@types/type-is": "^1.6.6",
         "ajv": "^8.12.0",
         "ajv-errors": "^3.0.0",
-        "ajv-formats": "^2.1.1",
+        "ajv-formats": "^3.0.1",
         "ajv-keywords": "^5.1.0",
         "body-parser": "^1.20.2",
         "cors": "^2.8.5",
diff --git a/packages/repository-json-schema/package.json b/packages/repository-json-schema/package.json
index 8f5d678a348e..7aabe74c9a99 100644
--- a/packages/repository-json-schema/package.json
+++ b/packages/repository-json-schema/package.json
@@ -53,6 +53,6 @@
     "@loopback/testlab": "^7.0.0",
     "@types/debug": "^4.1.12",
     "@types/node": "^16.18.91",
-    "ajv-formats": "^2.1.1"
+    "ajv-formats": "^3.0.1"
   }
 }
diff --git a/packages/rest/package.json b/packages/rest/package.json
index d3495701c2fa..a766fb9fecc6 100644
--- a/packages/rest/package.json
+++ b/packages/rest/package.json
@@ -52,7 +52,7 @@
     "@types/type-is": "^1.6.6",
     "ajv": "^8.12.0",
     "ajv-errors": "^3.0.0",
-    "ajv-formats": "^2.1.1",
+    "ajv-formats": "^3.0.1",
     "ajv-keywords": "^5.1.0",
     "body-parser": "^1.20.2",
     "cors": "^2.8.5",