Thieves are typically in the “business” of stealing credit card data from multiple unsuspecting victims. So, they will first 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 in online retailers or resell the data to another party. Cybercriminals have also been known to print fake cards with stolen data to 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 start, the card must be active, which allows them to make transactions from the first moment. 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 the thieves are also familiar with the buying behavior of the victim. 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 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 activity with their card. What if cybercriminals have already created fake cards with your details and shopped 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 action immediately to prevent rampant misuse of your card details. To do that, you need to spot fraudulent charges as soon as they happen, and the only way to do that is to stay on top of your 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 card and debt data can help you more effectively address the risk of data breach.

Wireless is an easy way for attackers to access 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 log in, allowing easy access to the backend where files containing credit card numbers are hosted. Similarly, remote access to your company’s 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 paying attention to misspellings and threats such as “act now or your account will be deactivated” in emails requesting credit card details and sensitive 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.