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Worldwide hacking crisis leaves UK brokers open to fraud
Following the largest ever computer hacking crisis in history, fears are growing that over 15 million British citizens could be left victims of mortgage fraud.
More than 15 million British users of internet-sensation, eBay, could face being the victim of fraudulent mortgage or loan transactions, authorities are warning.
Following the largest and most widespread computer hack in history, fears are now growing that those behind the attack could use the details of British consumers to create fraudulent loan applications.
eBay has already admitted that the names, addresses, dates of birth, telephone numbers, email addresses and password of every single eBay account holder, which amounts to around 223 million people worldwide, have fallen into the hands of hackers.
Whilst the hackers were unable to obtain the credit or debit card details through eBay-owned PayPal, the personal details will prove far more valuable to them - to carry out identity fraud.
These details can be easily sold on the black market and used to create fraudulent loan applications and bank accounts.
The e-giant was later forced to warn every single account holder to change his or her password; however it could already be too late.
Those operating within the unsecured loans and payday markets are inevitably at risk of dealing with clients using fraudulent details and are being urged to remain diligent over the coming months.
eBay has faced a wrath of criticism over the scandal, with MPs accusing the firm of an “inexcusable delay” in admitting that the servers were actually accessed around three months ago.
However, the US-giant has responded, by claiming that the error was in actual fact only discovered just two weeks before reports began to emerge.
Commenting on the threat of hacking, Tim Wheeldon, Joint Managing Director of Fluent Money, said: “The threat of being hacked is a persistent concern for businesses and consumers that deal with online processes, but is also perhaps accepted as one of the casualties of a more technologically advanced world.
“However, despite the pressure on financial services to remain in step with increasingly tech-savvy customers, it is imperative that brokers and lenders continue to personally identify customers through traditional measures, such as requesting identity documents such as passport or photo ID, which are much harder for fraudsters to obtain.
"We can still invest in online tools that make our services more streamlined for customers, but requesting physical, legitimate documents before processing loan applications remain an absolute necessity.
“Secured lending companies are not impervious to fraudulent claims, but by remaining alert to online threats and requesting legitimate ID documents, the overall sector is better equipped for avoiding potentially damaging scams.”
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