Short term lenders being blackmailed for cash

Multiple businesses are facing challenges due to data breaches. While many believe hackers are primarily interested in big corporations because of their large revenue, criminals are attacking many different industries. The short term lending sector is not immune to such attacks. Lenders have to be sure to take appropriate measures to protect their corporate data as well as consumer information to avoid becoming compromised and facing lawsuits from affected customers. Rex Mundi attacks online company Many individuals choose to use online short term lenders for convenience and fast approval when they are faced with an emergency. AmeriCash advance is one of the companies that offers such services. However, owners of the business are now faced with a major issue, as they are being blackmailed by hacking group Rex Mundi. According to InfoWorld, Rex Mundi threatened the lender earlier in June, demanding between $15,000 and $20,000, or the hackers would release information from clients. Rex Mundi referred to the money as an "idiot tax", the source detailed. The group said they were able to gain access to the data through an unsecured portion of the firm's website. Online billing service WHMCS reported it was attacked by criminal ring UGNazi in May, which succeeded in leaking and deleting customer information, InfoWorld reported. In a recent statement, leaders at AmeriCash Advance informed clients about the situation. InfoWorld reported the statement assured "We will not cave in to blackmail, and are cooperating fully with the authorities to protect our customers and bring these criminals to justice," explaining the industry is safe and well-protected by companies and law enforcement officials. Potential victims were notified and told the data could be used in phishing scams.  Lenders must take precautionary measures To avoid becoming an example, like AmeriCash Advance, other suppliers of alternative finance solutions should take precautionary measures to protect information. Online companies should participate in regularly scheduled virus scans and ensure their coding does not present any vulnerabilities. There are a number of products that allow lender to protect their own and client data simultaneously. For example, MicroBilt's Fraud Verify suite uses analytics tools to assess risk for lenders immediately, identifying borrowers that might be fraudulently trying to obtain a loan. This practice could be dangerous to the lender, and may lead to a hack if the company operates over the internet.