What’s worse than finding out that identity thieves took out a 546 percent interest payday loan in your name? How about a 900 percent interest loan? Or how about not learning of the fraudulent loan until it gets handed off to collection agents? One reader’s nightmare experience spotlights what can happen when ID thieves and hackers start targeting online payday lenders.
A Web site that sells Social Security numbers, bank account information and other sensitive data on millions of Americans appears to be obtaining at least some of its records from a network of hacked or complicit payday loan sites.