According to MoneySavingExpert, customers of credit history-building tool Loqbox have had personal and financial data compromised after the firm was hit by a “sophisticated and complex” cyber attack. Loqbox has announced that it’s been hit by a cyber attack, in which hackers accessed both customers’ personal data – such as addresses and phone numbers – and, in some cases, their payment information.
It insists that all funds that customers have paid in are secure and have not been affected by the hack. It says customers can carry on logging into their Loqbox accounts in the usual way. Loqbox says it discovered the attack on 20 February 2020, and has since contacted all affected customers to tell them what’s happened and offer them advice on how to protect themselves.
News that LoqBox’s customer data has been compromised by a cyberattack is the latest in a long list of businesses that have unfortunately had their online security systems breached.
Although a relatively small player, LoqBox works in partnership with banks such as Natwest, TSB and Monzo. Customers from these banks who use LoqBox may have had their data stolen. Cybercriminals have been able to use sophisticated tactics to gain access to their personal data including name, postal address, date of birth, email address and card payment information. The breach may only be the tip of the iceberg, as cybercriminals could use it in future phishing scams to secure even more sensitive information.
All organizations need to understand that if they store data then they are a target for cybercriminals. Businesses that handle banking data are even more at risk and need to realize that these criminals will use a huge array of different tactics and go to great lengths to gain access to this valuable data. On its website, Loqbox promotes itself as having ‘bank-level security’. However, it’s clear that even this isn’t strong enough to stop hackers accessing data and now Loqbox and the banks must face up to their responsibilities to protect consumers.
When personal identifiable information is breached, there is a natural cause for concern, but when the data compromised includes financial information, the fear is increased. If you are affected by the breach you should be considering a replacement bank card and looking out for well-crafted phishing emails. Cybercriminals are quick to create genuine-looking fake sites and emails designed to manipulate further information out of their victims including passwords or other missing data.