Wonga data breach may affect over 250,000 UK customers

Wonga offers short term high cost credit (STHCC) loans at interest rates starting at over 1,200% per annum, became aware of a problem last week but did not realise until Friday that data could be accessed externally. It alerted the authorities and started to contact borrowers offering a dedicated customer services phone line for those affected.

Wonga said it was “urgently investigating illegal and unauthorised access” to the personal data of some of its customers in the UK and Poland;  It is understood that the breach could affect up to 270,000 current and former customers.

The company would not disclose where the breach had taken place.

Are the big 5 Banks set to lose market share to alternative providers of finance?

In a recent report titled The Changing World of Money, KPMG claimed the UK’s big five banks could lose over 10 per cent of their market share to alternative finance by 2020.


This assumes that new providers (both old and new brands) will utilise new, often web-based technology, to create leaner operations that are both cheaper to operate and customer centric, but importantly very fast. The digital loan. They will also not carry the baggage and associated overheads of a cash based business operating across multi-financial disciplines from high street bricks and mortar edifices. Read More