Previously, Joe Lagennusa had been having a tough time making ends fulfill, therefore the product sales manager in Florida looked to online payday loan providers. Then in November, two reports he previously having a bank had been hacked–multiple times–and the thieves made down with $1,100.

Sky-high rates charged on pay day loans aren’t the worry that is only cash-strapped customers. These online loan providers are additionally drawing the eye of cybercriminals that are using people’s username and passwords and deploying it to empty their cost savings, submit an application for bank cards, or perform other designs of theft.

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