Click to return to BOL home page



September 22
FinCEN's Beneficial Owners Proposal: What It Can Mean for You;
Sonja Kriegsmann and John Burnett

September 23
Bankruptcy 101;
Sam Ott

September 24
Using CPTED to Make Our Banks Safer;
Dana Turner and Carol Dodgen

September 30
Revised Escrow Rules - Review and Update;
Jack Holzknecht and Mary Beth Guard

October 7
CRA - Digging for Credit;
Patricia Cashman

October 8
Applicants and Applications: Knowing the Players and the Rules;
David Dickinson



Topic Options
#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

Top
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: 45
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

Top
#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

Top
#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!

Top
#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: 50019
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.

Top
#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.

Top


Moderator:  Andy Z