US-based blockchain lending company Figure has confirmed unauthorized access to its users’ personal and financial data. The breach occurred after an employee fell victim to a social engineering attack, enabling hackers to steal data from the employee’s account. Social engineering involves deceptive tactics to manipulate individuals into disclosing sensitive information or compromising security systems. Figure, known for providing digital loans and financial services through blockchain technology, emphasizes transparency and faster processing, but this incident has raised concerns about its security measures. Such data breaches pose risks including identity theft and financial fraud. Figure has promptly launched an investigation and is notifying affected users to help them protect their information. Security remains a critical issue in the blockchain and cryptocurrency industries, as attacks on digital financial platforms can harm both users and companies. Experts stress the need for financial firms to strengthen their security systems to prevent future incidents. Users are also advised to adopt precautionary measures and follow security guidelines issued by companies to ensure the safety of digital financial transactions.
Source: decrypt
