Usually, thieves are tasked with stealing credit card data from several unsuspecting victims. They will first add the data from your stolen card to their reserves. Then they will sell your card number to cyber criminals on websites configured to handle such transactions. The buyer can immediately start using your data at online retailers or resell it to another party. Cyber criminals are also known to print fake cards containing stolen data and use them in physical stores. Often, the goal is to buy bulk goods that they can sell for cash.
All stolen credit cards are not worth the same price!
Some credit cards are more valuable than others for cyber criminals. To begin, the card must be active, which allows them to perform transactions from the outset. If card thieves sell the card with the victim's address and more information can be affixed to it, such as date of birth, social security number, etc., the card is deemed to have more value.
Sometimes thieves also know the victim's buying behavior. This information is useful to cyber criminals who can then mimic the victim and mimic his / her buying behavior in order to increase the risks that a fraudulent charge goes unnoticed by the victim or the financial institution.
What steps can you take to prevent the theft of credit cards?
Most people realize that their data was stolen only after their bank informed them of a fraudulent activity with their card. And if the cybercriminals had already created fake cards with your data and had shopped like there was no next day?
There is no guarantee that you will not be the victim of a credit card theft even if security mechanisms are in place. What matters is that you take immediate action to prevent widespread misuse of your card data. To do this, you must detect fraudulent charges as soon as they happen, and the only way to do this is to stay abreast of your bank statements and card statements. Check your credit reports frequently to identify unknown accounts and close them.
If you're a business owner who gathers credit card information from customers, going beyond payment card compliance to secure credit card data and debt from customers can help you to reduce the risk of data breach more effectively.
Wireless is a simple way attackers use to access networks. Make sure the computer's privileges on your network and passwords are deployed to withstand attacks. An example of poor security would be an exposed server that does not require a password to enter, allowing easy access to the backend where files containing credit card numbers are stored. Likewise, remote access to your professional network should not contain a side door leading potential hackers to credit card data.
Teach your employees to recognize and avoid suspicious emails. In particular, cybercriminals use phishing scams to access the network of a company or personally identifiable information. Phishing scams can be identified by monitoring spelling errors and threats such as "act now or your account will be disabled" in emails requesting credit card information and confidential information. Employees should also be informed not to open suspicious links. For example, if the link is for a financial website, but it is hovering over it, it indicates a different domain, a phishing scam can then be confirmed.