The Upbound Group fintech company disclosed that threat actors who stole data from its systems leveraged it to create $13 million in Acima leases.
In a filing with the U.S. Securities and Exchange Commission (SEC), the company says that it "experienced cybersecurity incidents in which certain non-sensitive customer information and other documents were obtained without authorization."
The threat actor used the information to commit fraud in lease-to-own agreements, resulting in financial losses of about $13 million in the Acima segment in the second quarter of this year.
Upbound Group, formerly known as Rent-A-Center, provides financial solutions and lease-to-own (LTO) products. It is an important player in the alternative finance and rental sector that operates the Acima Leasing, Rent-A-Center, Brigit, and Upbound Mexico brands.
Acima provides lease-to-own payment options through third-party retailers and e-commerce sites.
