How Careful Are You While Sharing Your Credit Card Information?

It only requires few minutes for a skilled hacker to rip you off of your hard earned money from your bank accounts. It all starts with them getting into the vulnerable security systems on your phones and computers. Meanwhile, on a larger scale, international organization of criminals from around the globe work mutually and anonymously to perform a simultaneous attack. IT businesses suffer mighty losses when data leakages of their customer’s credit card information occur. Unfortunately, these firms are susceptible to both—hackers and their own employees—who have access to customer credit card details.

So my question is, have you ever really thought twice before sharing your credit card information with an apparently legit party?

How is a Scam Executed?

In 2012, hackers withdrew $40 million dollars simultaneously from 26 countries. This is how they did it:

  • Obtained credit card passwords from one of the largest bank in Muscat.
  • Changed the pin code and credit limit on the cards.
  • Hackers around the world were communicated and hired using these credit card numbers.
  • Teams were set up and magnetic strip information was distributed.
  • Blank credit cards were purchased.
  • Gangs went to work withdrawing money from every ATM machine that they came across.

A grand total of 36000 ATMS were robbed that day.

Contemporary Ways to Steal Credit Card Information

If that wasn’t enough, here are a few modern ways in which your credit card information can be stolen at an individual level:

  1. Skimmers are small devices that your local waiters carry in their aprons. While you are cherishing the final crumbs of that orgasmic strawberry tart, your credit card information is already stolen. A fail in employee monitoring from these restaurants? Maybe so.
  2. Credit card readers are replaced with a custom reader that can gather credit card data, every time a card is swiped. The hackers would come back any time soon and retrieve their modified device.
  3. Bluetooth skimmers that can send signals to nearby devices. Usually installed to credit card readers on petrol pumps, late night when the only petrol attendant is probably sleeping.
  4. One of your employees might be involved in stealing credit card numbers of the customers. This usually takes place when the credit information is shared to the employees during a product sale.

What Can Be Done?

  • Ask your bank to inform you of all your transactions through mobile alerts. The collateral damage can be minimized by taking the right measures.
  • Ensure that employees don’t cross the lines by keeping a check on their activities. An employee monitoring app will suffice the purpose.
  • Avoid making transactions from public computers and always remember to log out.
  • If any fraud takes place, contact the local law enforcing body. You can also contact any good credit rating agency.
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