Home Loan Mortgage Broker's Cyber Security Worries

donamique on 23/08/2022 - 15:17

Hi I'm getting terrible service from the banker when dealing directly with the bank on a new home loan (generally not responding and time is tight for us).

I'm hesitant to go through a mortgage broker just because they probably don't invest much in Cyber Security so all these important bank statements / personal information that's going to them might get compromised at some point.

I contacted a broker and wanted me to upload personal documents to another third party platform - financevault.com.au - and I couldn't find any information on this third-party company or any individual person to contact on its website, only a generic customer service email. There's not a lot of comfort from that…

Any suggestions? Thanks!

Financial

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Comments

  • bemybubble on 23/08/2022 - 15:56
    +3

    I'd be more worried about the bank leaking your data than a broker and their third party TBH…

    • Tnetennba on 23/08/2022 - 17:19
      +7

      Small businesses, especially in the finance sector, are easy targets for financially motivated criminals.

      Why compromise one bank (for a huge payload) when the bank typically has a decent security capability and more effort/cost to penetrate, when you can attack 1000s of small companies like Bob's Mortgages and get a very solid payday?

  • xdigger on 23/08/2022 - 16:09

    Dodgy as

  • sweefu on 23/08/2022 - 16:16
    +5

    Broker here.

    Finance Vault is the customer facing part of a mortgage broking CRM called broker engine.

    refer: https://financevault.com.au/mortgage-brokers/

    I dont use it but it has a good reputaion in our industry and was recently purchased by AFG, which is an ASX listed company.

    refer: https://www.afgonline.com.au/afg-acquires-brokerengine-to-dr…

    I reckon it's safe based on this.

    • donamique on 24/08/2022 - 12:18

      Thanks for that info. Unfortunately the link/platform was stuffed and broker sent me to another platform now…

      connective.com.au

  • bobbified on 23/08/2022 - 16:25
    -2

    Nothing is going to be completely safe. If you're that worried, find a local broker and physically take your documents to them.

    • SF3 on 23/08/2022 - 16:34
      +14

      then they'll uploaded it into a 3rd party system…

      • bobbified on 23/08/2022 - 17:26

        OP can pretend he knows nothing because he didn't upload it himself! lol

      • Indomietable on 23/08/2022 - 19:16
        +1

        They might also outsource some of the work to some processor overseas

        • SF3 on 24/08/2022 - 09:30

          yep, and they'll upload it to another system, and OP might have multi 'investment' loans.

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