In the wake of a significant data breach at Valio, approximately 33,500 new voluntary credit bans have been registered through the Positive Credit Register’s e-service. This spike in credit bans follows a similar increase that occurred after a data breach involving the City of Helsinki last spring. The rise in bans highlights the growing anxieties consumers face regarding their financial security, particularly in light of recent cyber incidents. Although individuals can also set credit bans using paper forms, the current statistics reflect only those registered online, leaving the total impact somewhat understated.
The surge of credit bans reported between January 29 and February 6, 2025, has nearly doubled the total number of voluntary bans in the Positive Credit Register to an alarming 77,400. The busiest point during this period was Thursday, January 30, when nearly 9,000 new bans were recorded. This uptick in activity also translated into increased web traffic, with approximately 88,000 visitors to the register’s site on that day, far surpassing the typical daily average of around 20,000 visits on weekdays.
Consequentially, customer service for the Positive Credit Register experienced significant congestion. The volume of inquiries regarding voluntary credit bans surged nearly ninefold compared to the previous week, resulting in extended wait times for support services. Despite the initial overload, the situation has since stabilized, returning to normal operational capacity.
A voluntary credit ban carries substantial implications for individuals, particularly with respect to obtaining new loans. Lenders are advised to exercise heightened caution when considering loan applications from individuals who have placed such bans. This proactive measure significantly reduces the likelihood of loan approval. Furthermore, the effects of a voluntary ban extend beyond loans, potentially impacting other financial transactions, such as securing electricity contracts, insurance policies, or telecommunications subscriptions. The extent of this impact is contingent upon whether the individual has consented to share their ban with commercial credit information agencies.
Marjaana Ohralahti, an operating officer of the register, noted that many individuals might be caught unawares when their applications for services such as phone contracts or electricity agreements are declined due to existing voluntary credit bans. She emphasized the importance of understanding the consent process, where customers can authorize the sharing of their bans with credit information firms, such as Suomen asiakastieto and Dun & Bradstreet. When such consent is given, these companies relay the information to various service providers who typically conduct credit checks before offering contracts.
It’s crucial to understand that an individual’s credit report from these information companies could display both payment defaults and voluntary credit bans if the individual has agreed to share this information. A voluntary ban can serve as a roadblock to obtaining services, though customers retain the ability to revoke this consent. Cancelling consent may involve delays in communication, which could further complicate their financial dealings.
Businesses should be aware of the implications of voluntary credit bans and take proactive measures to understand their customers’ credit statuses. Factors such as the threat of identity theft and the management of personal finances lead individuals to opt for these bans. However, while effective in certain areas, a voluntary ban will only restrict financial engagement when consent for information sharing is granted, primarily affecting loan-related processes.
As data breaches continue to proliferate, the need for robust cybersecurity measures has never been more pressing. The threats of initial access, exploitation of vulnerabilities, and privilege escalation highlight the tactics employed by adversaries, as outlined in the MITRE ATT&CK framework, which businesses can leverage to better protect themselves from similar threats. The unfolding situation serves as a critical reminder of the intricate relationship between data security and personal finance, urging business owners to remain vigilant in safeguarding sensitive information.
