The recent hacker attacks on Optus and Medibank have been well publicised and both companies roundly criticised for their handling of it. But over at Ahmed Fahour’s Latitude Financial they either didn’t read about that, or decided to copy their mistakes in handling it. What’s the scam?
The scam is that Latitude Financial’s customer data has been hacked, and like so many others in the same situation, they decided to hide behind obtuse press releases and vague – often changing – statements about the consequences for its customers.
This writer is one, and all I have received is a single email confirming the “regrettable” theft of “some” customer data – 103,000 identification documents and 225,000 customer records. However, the company is now saying it may also “include non-customer originating platforms and historical customer information, [and]
we are likely to uncover more stolen information affecting both current and past Latitude customers and applicants.
No update yet to this customer who is not feeling at all placated by apparently being a “valued customer,” and a “thank you for your understanding and patience. Our services remain available and you should have confidence in using them.”
Not feeling confident at all, especially as Lattitude is one of very few banking and finance providers who do not enforce any kind of two factor authentication, just a good old username and password, which may both have been stolen.
At least I’m not a shareholder. Since Latitude Financial reached a peak of $2.99 the day the stock was listed on April 20, 2021, it has been a steady decline to the current share price of $1.21. The stock is now suspended from trading and Ahmed Fahour is soon to depart the company. So will this customer.
Latitude website today
Kim Wingerei is a businessman turned writer and commentator. He is passionate about free speech, human rights, democracy and the politics of change. Originally from Norway, Kim has lived in Australia for 30 years. Author of ‘Why Democracy is Broken – A Blueprint for Change’.