Credit Card Theft and Hacking on the Rise

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chained credit cards security lock with password
Cybercriminals are progressing every day, and credit card fraud is seeing a rise in profitability and availability on dark web marketplaces.

Of late and in the recent past, the sale of credit cards is amongst the most common transactions in dark web marketplaces.

What has changed is that sales of credit cards have witnessed an upward trend today as compared to past years.

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It, therefore, shows that the demand has grown and continues to escalate as days pass.

This increase is a result of various factors that make the industry profitable, and thus more criminals increase their supply of the cards and new criminals enter the market as suppliers.

For the consumers, there are a couple of reasons that make them acquire credit cards, but it all boils down to one point – fraud.

With the availability of the cards in plenty, People can obtain them and make purchases of particular products without the knowledge of the card’s true owner.

All one needs to have is the name of the individual, credit card number, expiration date, and the CVV.

By having this information, it is very easy to use the person’s funds to acquire products and services across various platforms easily.

And the owner will be none the wiser of who has done it or what has transpired.

In many situations, we also see criminals lurking at petrol stations, hotels, supermarkets, and anywhere else that the cards are accepted.

credit card data security
Of late and in the recent past, the sale of credit cards is amongst the most common transactions in dark web marketplaces.

If you are a consumer and you happen to be in possession of a credit card, you need to be very keen because as you pay for either goods or services, the attendant can swipe your card on a separate machine and be able to obtain your information.

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The machine has the capacity of duplicating your information bit by bit, and it can then produce a replica of the card.

The replica is then used to siphon your funds without your immediate knowledge.

At one point or the other, we see individuals opting to pay for bills physically using cards that don’t have even the slightest amount of the usual details.

In this case, they have obtained the replica by cloning the original via a machine.

After the owner has swiped through, they can then clone the cards.

In some cases, individuals have reported some suspicious activities during payment of goods and services by the use of credit cards.

They typically notice the attendant swiping the card through another gadget even after the actual payment has been processed.

What is of concern, though, is that the tools and gadgets used to clone payment cards are available in the dark web for those who can afford it.

So whenever is at use, there are usually a couple of hidden cameras nearby that are at different angles to capture the holder entering the pin.

After this, they have full access to your funds and have the capability of minting you dry.

And by the time you realize it, there will be a considerable amount of damage done.

In places where the individuals have access to a copy of the identification documents, such as a driver’s license, passport, or government-issued ID card, it becomes far easier since they have expanded their shopping variety as they now have access to stores that do not accept payments with credit cards without possession of an identification card.

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Therefore, it is highly recommended that you subscribe to mobile and email notifications upon issuance or acquisition of an ATM card or credit card.

By doing this, you subject yourself to early fraud detections as they will notify you of any withdrawals or purchases made without your consent.

If it occurs, then you then tell the financial institution and they can place restrictions on your card.

If crooks are out to siphon you, the probability of a failing is extremely high.

Online shopping sites also provide a hub where hackers can mint the individual.

For example, sites like eBay, Amazon, Alibaba, or any site offering an online payment by use VisaCard or MasterCard, hackers may use the information they have gained by infiltrating financial institutions to make purchases.

From insider information, banks lose billions of dollars annually to hackers.

The information remains because it has the potential of damaging the credibility of the banking industry to a great extent.

So, they opt to hide the information from the general public.

Instead, they choose to invest more in the cybersecurity measures and reduce the effect because it would be wrong to say that it is possible to completely eliminate the threat.

For advanced hackers, they obtain funds from skimming.

Once they have details of accounts, they then withdraw small amounts of cash from very many accounts.

The sole reason is to delay the process and provide them the opportunity of siphoning more funds as time elapses.

After a period of time, they proceed to withdraw large amounts cash and get away after taking colossal sums of money.

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Most of them install malware in systems that enables them to obtain confidential information.

The process is meant to be very discrete, and if the bank is not aware, they will be on the losing end.

Preliminary reports indicate that this, in some instances, in done in collaboration with insiders that assist hackers in getting the information they need about a particular mode, which then facilitates easy entry into the database remotely.

C.M.

C.M.

With the urge to know more about everything around us, I am an enthusiast researcher and writer with keen interest in expanding my knowledge in a bid to be well versed. Through writing, I express and share my feelings, ideas, and thoughts for like minded individuals.
C.M.
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