How Hackers Can Cash In on Your Online Payday Loans

Several years ago, Joe Lagennusa was having a tough time making ends meet, so the sales manager in Florida turned to online payday lenders. Then last November, two accounts he had with a bank were hacked—multiple times—and the thieves made off with $1,100.

Sky-high rates aren't the only worry for cash-strapped consumers. Online lenders specializing in payday and other short-term, high-interest consumer loans are also drawing the attention of cybercriminals who are taking people's account information and using it to drain their savings, apply for credit cards, or perform other forms of theft.