Alert! PayPal Cyber-Attack #shorts #economiccollapse

1 year ago
42

WARNING! Alarming PayPal Cyber Attack FDIC Concerned - In this video, I'll discuss the following 3 stories: Goldman Sachs hits the sell button, Ally Financial prepares for auto loan collapse, and PayPal issues a critical warning about the latest cyber-attack.

â–¶ VIDEO NOTES

35,000 PayPal accounts breached in credential stuffing attack:

A digital intruder gained access to 34,942 PayPal customers' accounts last month in a credential stuffing attack that exposed names, dates of birth, addresses, Social Security numbers, tax IDs, and phone numbers, the company told affected customers this week.

The size of the attack pales in comparison to the 432 million active accounts PayPal said it had as of November. The nature of credential-stuffing attacks is that they only need to work a small percentage of the time to be effective because of the grand scale at which they can operate.

In a credential stuffing attack, a fraudster programmatically tries logging into a website (or more often multiple websites) using the username and password pairs obtained from other data breaches, phishing, or other methods. It is one of the most common techniques threat actors use to take over accounts, according to the OWASP Foundation, a global cybersecurity nonprofit.

Click here to read - https://www.americanbanker.com/news/35-000-paypal-accounts-breached-in-credential-stuffing-attack

Ally is ready for escalation in auto charge-offs, execs say:

Auto loan charge-offs rose sharply at Ally Financial in the fourth quarter, but executives say that they're well prepared for economic turmoil and further declines in used-car values.

More consumers are struggling to pay their auto loans from Detroit-based Ally, whose retail auto net charge-offs jumped to $347 million last quarter, up from $217 million three months earlier.

Charge-offs surpassed their pre-pandemic levels and are over three times higher than where they were in 2021, when government stimulus, elevated savings and lower inflation put consumers on sounder financial footing, according to quarterly results issued by the company Friday.

Click here to read - https://www.americanbanker.com/news/ally-is-ready-for-escalation-in-auto-charge-offs-execs-say

Goldman Sachs Group Inc's asset management section will make significant cuts to the $59 billion of alternative investments that impacted its earnings.

Alternative assets can include private equity or real estate instead of traditional investments like stocks and bonds.

The firm will divest its positions over the next few years and replace some of those funds on its balance sheet with external capital, according to Julian Salisbury, chief investment officer of asset and wealth management at Goldman Sachs.

Click here to read - https://www.foxbusiness.com/economy/goldman-sachs-announces-reduction-asset-management-investments

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â–¶ KEYWORDS
#economiccollapse #personalfinance #cyberattackawareness

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