Typically, thieves are in the “business” of stealing credit card details from various unsuspecting victims. Therefore, they will first add your stolen card details to their reservations. They will then sell your card number to cybercriminals on websites that have been set up to process those transactions. The buyer can start using their data immediately at online retailers or resell the data to another party. Cybercriminals are also known to print fake cards with stolen data for use in physical stores. Many times, the intention is to buy products in bulk that they can resell for cash.
Not all stolen credit cards are the same price!
Some credit cards are more valuable to cybercriminals than others. To begin with, the card must be active, allowing them to make transactions from the beginning. If card thieves sell the card along with the victim’s address and more information can be added to it, such as date of birth, social security number, etc., the card is considered more valuable.
Sometimes thieves are also familiar with the victim’s shopping behavior. This information is useful for cybercriminals who can impersonate the victim and mimic their shopping behavior to increase the chances that a fraudulent charge will go unnoticed by the victim or the financial institution.
What steps can you take to prevent credit card theft?
Most people realize that their data has been stolen only after their bank informs them of fraudulent activities with their card. What if cybercriminals have already created fake cards with your details and bought like there’s no tomorrow?
There is no guarantee that you will not be a victim of credit card theft, even with the security mechanisms in place. What matters is that you take immediate action to prevent rampant misuse of your card data. To do this, you must detect fraudulent charges as soon as they occur, and the only way to do that is to be aware of bank and card statements. Check your credit reports frequently to identify unknown accounts and close them.
If you own a business that collects credit card information from customers, going beyond Payment Card Compliance to protect customer credit and debit card data can help you more effectively address the issue. risk of data breach.
Wireless technology is a simple way for attackers to access networks. Make sure the computer privileges on your network and passwords are in place to resist attacks. An example of poor security would be an exposed server that does not require a password to log in, allowing easy access to the backend where files containing credit card numbers are stored. Similarly, your company’s remote network access should not contain a side door that leads potential hackers to your credit card details.
Teach your employees to recognize and avoid suspicious email. In particular, cybercriminals use phishing scams to gain access to a company’s network or personally identifiable information. Phishing scams can be identified by looking at misspellings and threats such as “act now or your account will be disabled” in emails requesting credit card details and confidential information. Employees should also be instructed not to open suspicious links. For example, if the link is for a financial website but hovering over it shows a different domain, then a phishing scam can be confirmed.