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Find Out Why Cyber Thieves Are Targeting Online Lenders

If you’ve gone online recently to secure a loan, you may want to pull your credit report to see if anything is amiss. That’s because recent reports say there have been over 1 million cyberattacks by identify thieves aimed at online lenders. We’ll talk about it in this issue.

The Backstory

In late February, news outlets across the country picked up on a report from security firm ThreatMetrix that broke the news about the cyberattacks. Apparently, speed – one of the major attractions hyped by the lenders – is what’s actually drawing the attention of the scammers. While using stolen personal information, the thieves apply for the quick cash and log off before the lenders – or victims – know they’ve been hit. The average $2,000 – $5,000 loans typically attract very little attention from authorities. According to the ThreatMetrix report, the estimated total value of the transactions targeted by the 1 million cyberattacks is about $10 billion.

How Much Longer Will This Types of Stuff Go On?

Unfortunately, attacks like these may simply be a sign of the times. While technology has improved our lives in a host of ways, it has also made us and our assets more vulnerable. In an interview with CIO magazine, ThreatMetrix vice president Vanita Pandey said that cyberthieves are “buying, trading and augmenting stolen identity credentials” from a host of sources. “Most of us have been breached,” she said, “whether you’ve stayed at a hotel or had a Yahoo or LinkedIn password you haven’t changed in four years.” In many cases, the thieves will set up a fake account in your name and just let it sit for a while as your identity is verified. Later, they’ll make a large purchase with the account, which may not raise a red flag with authorities.

How You Can Protect Yourself

There are, thankfully, a host of proactive measures you can take to better protect yourself.

  • Refrain from authenticating yourself to anyone else unless you control the transaction.
  • Protect your online passwords with a secure password protector (it’s also wise to let the password protector generate an encrypted password for you)
  • Make checking your credit score a habit
  • Keep track of your credit/debit card purchases or sign up for a transaction alert service

For Answers About How to Deal With Crippling Debt, Call The Oswalt Law Group

If you’re living with crippling debt, there are legitimate ways of getting out. Call us here at The Oswalt Law Group for a free consultation. The first consultation is always free, so call us at (602) 225-2222.

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