Cybersecurity Incident Concerning Snap Finance Affects Thousands – If Not More

  • By Steven
  • Dec 08, 2022

snap finance data breach

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.

About the Author
IDStrong Logo

Related Articles

Instagram Vulnerability Allowed Hackers Access to Control Your Phone

Security experts Check Point Research discovered a critical vulnerability while examining Instagra ... Read More

Alien Malware Infects More than 226 Mobile Apps and Steals Bank Data

As reported on September 24, 2020, by ZDNet and ThreatPost, a new strain of malware named “A ... Read More

Universal Health Systems Hit by Ransomware Attack

Universal Health Systems (UHS), a Fortune 500 company owning more than 400 hospitals across the co ... Read More

Exchange Server Bug Exposes a Big Risk to Hackers

Months after Microsoft released a patch to fix a serious flaw in MS Exchange Server, more than 61% ... Read More

Clients’ Bank Data Exposed in Blackbaud Ransomware Attack

Blackbaud software was victim to a ransomware attack last May, and new information suggests that c ... Read More

Latest Articles

Pennsylvania Maternal & Family Health Services Announces Ransomware Attack

Pennsylvania Maternal & Family Health Services Announces Ransomware Attack

Anyone paying even little attention to cybersecurity knows that medical practices and services are some of the most targeted institutions in the world.

Weekly Cybersecurity Recap January 27

Weekly Cybersecurity Recap January 27

This week, our lineup is pretty hard-hitting. Some of the biggest names in, well, everything, have been hacked, with a combined victim total of well into the millions.

MailChimp Announces Data Breach Affecting Tiny Number of Customers – With Big Ripples

MailChimp Announces Data Breach Affecting Tiny Number of Customers – With Big Ripples

MailChimp has been hacked repeatedly over the years; there is very little surprise in the breach, though one thing should be considered.

Featured Articles

How to Buy a House with Bad Credit

How to Buy a House with Bad Credit

Buying your own home is the American Dream, but it might seem out of reach to those with bad credit. However, the good news is, if your credit is less than perfect, you do still have options and in most cases, can still buy a home.

How Secure Is Your Password? Tips to Improve Your Password Security

How Secure Is Your Password? Tips to Improve Your Password Security

Any good IT article on computers and network security will address the importance of strong, secure passwords. However, the challenge of good passwords is that most people have a hard time remembering them, so they use simple or obvious ones that pose a security risk.

Top 10 Senior Scams and How to Prevent Them

Top 10 Senior Scams and How to Prevent Them

Senior scams are becoming a major epidemic for two reasons. First, seniors often have a lot of money in the bank from a life of working hard and saving.

Free Identity Threat Scan
Instantly Check if Your Personal Information is Exposed
All fields below are required
Please enter first name
Please enter last name
Please enter a city
Please select a state
Please enter an email address