Data breaches and cyber-attacks are becoming more common across the finance industry and even large lenders aren’t immune.
If you’ve received a notice (or seen news reports) that your lender has been hacked, it’s normal to feel concerned or unsure what to do next.
At Thrive Broking, we believe in transparent, human centred support especially when something as serious as your personal or financial information might be compromised.
Here’s a step-by-step guide on what to do if your lender is affected by a cyber security incident.
1. Stay Calm and Get the Facts
Don’t panic or jump to conclusions based on headlines. Not all breaches mean your data has been accessed and often, only certain systems or customer groups are affected.
Check for direct communication from your lender Visit the lender’s official website or contact their call centre Avoid clicking on suspicious emails or links claiming to be from the lender (these could be phishing attempts)
2. Review the Type of Data Involved
Lenders hold a range of personal and financial information, including:
- Name and address
- Contact details
- Identification (e.g. driver’s licence, Medicare number)
- Loan account details
- Credit history
The lender’s official communication should state what was accessed (if known), what systems were affected, and what they’re doing to respond.
3. Monitor Your Accounts and Credit File
Even if your financial data wasn’t directly accessed, it’s wise to stay alert for:
- Unfamiliar transactions on your bank accounts or credit cards
- New credit enquiries you didn’t make
- Suspicious emails, texts, or phone calls
Consider placing a temporary ban on your credit file via Equifax, Illion, and Experian (Australia’s major credit reporting bodies) You can also sign up for free credit alerts and identity theft protection if offered by the lender
4. Update Your Passwords and Security Settings
Change the passwords for:
- Online banking
- Email (especially if it’s connected to your finance applications)
- Any accounts using the same password as your lender login
Enable multi-factor authentication (MFA) wherever possible to reduce the risk of unauthorised access.
5. Know Your Rights
Under Australian law, lenders must notify you if your data is part of a serious breach. They’re also required to report incidents to the Office of the Australian Information Commissioner (OAIC).
You may be entitled to:
- Replacement of ID documents at no cost
- Free credit monitoring
- Compensation in the event of financial loss due to the breach
6. Contact Thrive Broking if You’re Concerned About Loan Activity
If you’re unsure whether a lender breach affects you – or you’re worried about suspicious activity on your loan or application – contact us directly.
We’ll help you:
- Check your loan status
- Communicate with lenders if needed
- Explore options for refinancing or moving to a more secure lender if appropriate
- Reconfirm your loan setup and account safety
Final Thought: Don’t Ignore It, But Don’t Panic
Cyber attacks are an unfortunate part of today’s digital world but knowing what to do puts the power back in your hands