Typically, thieves are in the “business” of stealing credit card details from various unsuspecting victims. So first they will add your stolen card details to your reservations. They will then sell your card number to cybercriminals on websites that have been set up to process such transactions. The buyer can start using their data immediately at online retailers or resell the data to another party. Cyber ​​criminals have also been known to print fake cards with stolen data for use in physical stores. Many times, the intention is to buy goods in bulk that they can resell for cash.

Not all stolen credit cards are worth the same!

Some credit cards are more valuable to cybercriminals than others. To begin with, the card must be active, allowing them to make transactions right out of the box. 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 buying behavior. This information is useful to cybercriminals who can then impersonate the victim and mimic their purchasing behavior to increase the chances that a fraudulent charge will go undetected by the victim or financial institution.

What steps can you take to prevent credit card theft?

Most people realize their details have been stolen only after their bank informs them of fraudulent activity with their card. What if cybercriminals have already created fake cards with your details and shop like there’s no tomorrow?

There is no guarantee that you will not be a victim of credit card theft, even with security mechanisms in place. What matters is that you take immediate action to prevent rampant misuse of your card details. To do that, you need to catch fraudulent charges as soon as they happen, and the only way to do that is to keep an eye on your card and bank statements. Check your credit reports frequently to identify unknown accounts and close them.

If you own a business that collects customer credit card information, going beyond payment card compliance to protect customer credit and debt card data can help you more effectively address the risk of data breach.

Wireless connection is a simple way for attackers to gain access to networks. Make sure 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 enter, allowing easy access to the backend where files containing credit card numbers are hosted. Similarly, remote access to your company network should not contain a side door that leads potential hackers to credit card data.

Teach your employees to recognize and avoid suspicious emails. 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 out for misspellings and threats like “act now or your account will be disabled” in emails asking for credit card details and sensitive information. Employees should also be instructed not to open suspicious links. For example, if the link is to a financial website, but when you hover over it, it shows a different domain, then it may confirm a phishing scam.