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January 6, 2015
Business Accounts Documentation and Procedures with Beneficial Ownership
Deborah Crawford

January 6, 2015
FFIEC Cybersecurity Initiatives and Observations from the 2014 Assessments
Susan Orr

January 15, 2015
The ABC's of IRAs - The Basic Ingredients
Patrice Konarik

January 20, 2015
B & Z Appraisal Rules - Getting Them Right
Jack Holzknecht

January 21, 2015
HMDA Soup to Nuts
David Dickinson

January 22, 2015
Navigating the Treacherous Waters of IRA Rollovers, Transfers and Beneficiary Payouts
Patrice Konarik

January 28, 2015
Mortgage Life Cycle
Part I
David Dickinson and Jerod Moyer



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#1775457 - 01/11/13 01:37 PM Online loan application requesting online bank pw
bluearrow Offline
New Poster

Registered: 04/11/11
Posts: 13
Loc: Florida
I have just come across an online loan company that is using applicants online banking as part of the approval process. Within the application, one is directed to the bank's website and asked to enter login name and password.
The loan company reviews the deposits and transaction history.
Has anyone else seen this before with online loan apps?
Thanks

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eBanking / Technology
#1775531 - 01/11/13 02:43 PM Re: Online loan application requesting online bank pw [Re: bluearrow]
LorBeth Offline
Junior Member

Registered: 02/27/07
Posts: 46
Loc: TX
This absolutely sounds like a scam - at the least very shady. Any legit loan company would check credit but would NOT look at the customer's deposit accounts.
_________________________
LorBeth

I was gratified to be able to answer promptly. I said I don't know. -- Mark Twain

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#1775618 - 01/11/13 04:14 PM Re: Online loan application requesting online bank pw [Re: bluearrow]
bluearrow Offline
New Poster

Registered: 04/11/11
Posts: 13
Loc: Florida
Well, actually this specific one is being marketed by Jackson Hewitt.
www.billfloat.com/jh
Jackson Hewitt's Facebook FAQ's has far more details if you google SmartLine Line of Credit Jackson Hewitt

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#1777814 - 01/18/13 09:10 AM Re: Online loan application requesting online bank pw [Re: bluearrow]
bluearrow Offline
New Poster

Registered: 04/11/11
Posts: 13
Loc: Florida
Maybe this is not the place for a fraud discussion. Is anyone aware of another forum for fraud analysts?
Thanks!

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#1777815 - 01/18/13 09:13 AM Re: Online loan application requesting online bank pw [Re: bluearrow]
rlcarey Offline
10K Club

Registered: 07/16/01
Posts: 51223
Loc: Galveston, TX
This is as good a place as any, but either no one really has much to add or no one has noticed. There was a recent discussion regarding a bank that was setting up an on-line banking product that did something similar. Personally, I think it is a real dangerous practice for these companies. Unless they have lockdown type security on this information, I think it opens them to substantial liability.
_________________________
The opinions expressed are my own, take them or leave them.

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#1777912 - 01/18/13 11:00 AM Re: Online loan application requesting online bank pw [Re: bluearrow]
bluearrow Offline
New Poster

Registered: 04/11/11
Posts: 13
Loc: Florida
I appreciate the response. We treat online banking passwords very seriously as most probably do. This set off alarms with us and was hoping others may have experienced it. There is so much possible risk with a breach or malware on Jackson Hewitt's computers. Obviously, that could lead to B2B transfers or the appearance of secure communications with the bank.
Also, first time I have seen loans decisioned in this manner. Hope this helps someone.

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