With a New Year’s resolution came a shocking revelation, with some Payday lenders had been exposed for asking
loan applicants to not only hand over their myGov login but their Bank Account login details as well.
Brought to light on Twitter and Reddit by several users, these payday lenders had been ousted for asking their hopeful clients for private and delicate information, refusing to even consider giving them a loan unless they give them the virtual keys to their online castle. The login details to your Bank Account and to your MyGov are vital, and should never be freely given away.
When this was brought up on Twitter by Daniel Rose, myGov’s official Twitter responded only with a warning;
MyGov seems to stand powerless before the demands of these kinds of payday lenders.
While it is true the myGov has security questions and SMS codes in place to protect your account, it should also be noted that – in some cases – you have given these payday lenders answers to your privacy questions by simply giving them your personal information.
It’s standard practice to even ask for the phone number of their customers, meaning that even the sanctity of your phone isn’t spared. Don’t believe us? If you Google how to, you can gain access to all kinds of guides on how to remotely access someone’s phone.
It’s easy to assume your information will be safe, as payday lenders promise to protect the data you give them in their terms and conditions, but how can you be sure?
In the wake of the Equifax hack, where one of the most prominent Credit Reporting bodies in both the US and Australia was broken into using their own online form against them, can you be certain that your Banking login details and myGov login details are safe?
In the case of Equifax, all it took for an estimated 143 Million people to have their Credit Reports leaked, credit reports containing highly sensitive and personal data, was a few lines of code put into an online form.
There is no reason for any Payday lender to ask you for the login details to you myGov or Bank account, and stands as a grotesque misuse of power, using people’s desperation and need to get a hold on highly delicate information.
Unfortunately, the only thing we can advise is that, if you have already fallen prey to these kinds of Payday lenders, myGov is right; change your password if you have given these details out.
If you do really need a loan, the best way to get a loan is to go to a more mainstream lender that won’t ask you to hand over you myGov or Bank account login details.
If you’re finding that you keep getting knocked back by mainstream lenders, order a copy of your credit file, see if you have any defaults or enquires. If you do, we can help you.
CreditReboot has an above 90% success rate, and a 100% money back Guarantee if we fail. We help you remove Credit Enquires and Defaults, meaning that you won’t have to face Payday lenders that violate your privacy.
If you have any questions, feel free to ping us in the LiveChat.
Stay tuned for more blog posts.