DataBreaches.Net

Menu
  • About
  • Breach Notification Laws
  • Privacy Policy
  • Transparency Report
Menu

UK: Payday loans firm loses licence over identity theft loans

Posted on March 21, 2013 by Dissent

We don’t see this too often, but lack of adequate security costs this business its business, and the consequences were imposed by a regulator. Out-Law.com reports:

MCO Capital Limited made loans in the name of 7,000 people whose identity was used by fraudsters without their permission or knowledge. The loans totalled millions of pounds and demonstrated MCO’s inability to put in place adequate identity checks for loan applicants. Money laundering laws require lenders to conduct identity checks.

The OFT revoked MCO’s consumer credit licence in August and imposed a penalty of £544,505 on the company. MCO appealed and continued to trade while the appeal was pending but has now withdrawn its appeal. It will continue to appeal against the penalty.

The company, which operated using brands including Speedcredit and Paycheckcredit, also engaged in unfair business practices by demanding money from the real identity holders who had not taken out loans.

Read more on Out-Law.com

Related posts:

  • IRS’s Top 10 Identity Theft Prosecutions
Category: Business SectorFinancial SectorID TheftNon-U.S.Of Note

Post navigation

← CVS seeks to collect employees' health information
Analyzing foreign health data breaches →

Now more than ever

"Stand with Ukraine:" above raised hands. The illustration is in blue and yellow, the colors of Ukraine's flag.

Search

Browse by Categories

Recent Posts

  • Bolton Walk-In Clinic patient data leak locked down (finally!)
  • 50 Customers of French Bank Hit by Insider SIM Swap Scam
  • Ontario health agency atHome ordered to inform 200,000 patients of March data breach
  • Fact-Checking Claims By Cybernews: The 16 Billion Record Data Breach That Wasn’t
  • Horizon Healthcare RCM discloses ransomware attack in December
  • Disgruntled IT Worker Jailed for Cyber Attack, Huddersfield
  • Hacker helped kill FBI sources, witnesses in El Chapo case, according to watchdog report
  • Texas Centers for Infectious Disease Associates Notifies Individuals of Data Breach in 2024
  • Battlefords Union Hospitals notifies patients of employee snooping in their records
  • Alert: Scattered Spider has added North American airline and transportation organizations to their target list

No, You Can’t Buy a Post or an Interview

This site does not accept sponsored posts or link-back arrangements. Inquiries about either are ignored.

And despite what some trolls may try to claim: DataBreaches has never accepted even one dime to interview or report on anyone. Nor will DataBreaches ever pay anyone for data or to interview them.

Want to Get Our RSS Feed?

Grab it here:

https://databreaches.net/feed/

RSS Recent Posts on PogoWasRight.org

  • The Trump administration is building a national citizenship data system
  • Supreme Court Decision on Age Verification Tramples Free Speech and Undermines Privacy
  • New Jersey Issues Draft Privacy Regulations: The New
  • Hacker helped kill FBI sources, witnesses in El Chapo case, according to watchdog report
  • Germany Wants Apple, Google to Remove DeepSeek From Their App Stores
  • Supreme Court upholds Texas law requiring age verification on porn sites
  • Justices nix Medicaid ‘right’ to choose doctor, defunding Planned Parenthood in South Carolina

Have a News Tip?

Email: Tips[at]DataBreaches.net

Signal: +1 516-776-7756

Contact Me

Email: info[at]databreaches.net

Mastodon: Infosec.Exchange/@PogoWasRight

Signal: +1 516-776-7756

DMCA Concern: dmca[at]databreaches.net
© 2009 – 2025 DataBreaches.net and DataBreaches LLC. All rights reserved.