Cybersecurity Incident Concerning Snap Finance Affects Thousands – If Not More

Here’s a fun fact; financial information is a high-selling item on the dark web. Most people think it’s something like addresses or social security numbers, but surprisingly, it’s not. Financial account information can sell for around $100, while social security numbers sell for about a dollar. The highest-selling data pertains to medical information, passports, and diplomas. Still, because these are harder to access, it’s easier for hackers to obtain many cheap things and sell them to make as much as a little of the expensive item. Ergo, many financial companies have been on recent lists of hacking victims. 

How Did the Attack Occur?

The attack occurred when an unauthorized party bypassed the company's security systems. There are many ways this could have happened; one of the most common attack methods for any hacker is a phishing scam. Suppose an attacker sends an email, text message, DM, or phone call to an individual. In that case, they may be able to scam the victim into giving them personal information that the hacker can then use to access the victim's accounts. These scams range from trying to gain credit card information to steal your login for a trivial site like YouTube or Pottermore. In these situations, the hacker wants to recycle your usernames and passwords to access other accounts, thus allowing them to retrieve further details that may be more sensitive.

What Information Was Viewed or Stolen?

Most hacks and data breaches have a limited area of effect. Some, like the TransUnion breach, have the power to affect everyone with whom the victim works. Snap Finance works with thousands of individuals, and the information available on the violation is extremely limited. We know that the accessed data included names, social security numbers, addresses, financial account information, and government IDs.

How Did Snap Finance Admit to the Breach?

Snap Finance admitted to the breach by filing notifications with the Vermont State Attorney General’s Office and the Texas State Attorney General’s Office. These filings included explanations as to what happened, what data was involved, what the company was doing to combat the breach, and what victims could do to protect themselves and their loved ones. Snap Finance is offering free credit monitoring services to the affected parties.

What Will Become of the Stolen Information?

Most people remain unaware of the consequences of data breaches, especially those involving financial data. While the immediate thought is credit card usage, there are other things that hackers can do that can take a massive toll on your daily life. Many people depend on their tax returns to pay the bills, sometimes letting debt build up over the course of the year (mostly so they can put food on the table and roofs over their heads) and paying the debt back with their tax returns. Unfortunately, a hacker accessing your financial data can file for your tax return, robbing you of what may be a life-changing or life-saving lump of cash. They can also file for loans under your name, screwing up your credit when you can’t repay a loan you didn’t know you had.

What Should Affected Parties Do in the Aftermath of the Breach?

After a data breach, anyone affected should consider taking advantage of the offered credit monitoring. After all, you won’t be wasting money on something free, and it can’t hurt to have an extra eye on your credit. You can also download device monitoring software that will alert you to unauthorized activity on your devices.