Are you protected?
23 Million Credit Cards Stolen
Six months into 2019, 23 million credit cards had not only been stolen but were also available for sale online for as little as $5, you just have to know where to look. In today’s ecommerce world, where credit cards are the currency of choice, keeping personal information secure and protecting client data is a top priority for many businesses.
Globally, the three major credit card companies, Visa, Mastercard, and American Express, have issued 5.1 billion credit and debit cards. According to Visa, there are approximately 270 billion credit card transactions annually.
More than 66% of stolen cards were issued in the US, contributing to credit card fraud costing American businesses over $12 billion each year. While the US is most affected, many countries worldwide are impacted, with the UK close behind.
So who is stealing this information, where is it sold, and most importantly, what can consumers and businesses do to reduce their risk?
How Credit Card Information Is Stolen
Much of the stolen credit card data is collected during everyday transactions. This include restaurant or retail staff duplicating cards during payment processing, ATM machines and gas pumps fitted with ”skimmers”, and sophisticated hackers breaching ecommerce platforms and business systems
The most valuable stolen data often comes from online transactions that include the CVV number—the three digits on the back of the card. Once criminals obtain this information, it can quickly be used for unauthorized purchases before detection.
How to Stay Protected
As a Consumer
There are several steps individuals can take to protect themselves: setup transaction alerts on your accounts, regularly monitor statements, and check credit reporting agencies for potential exposure.
As a Business
For businesses, protecting customer data is critical. Ensure compliacne with PCI DSS standards, work only with trusted partners who handle sensitive data securely, and implement strong cybersecurity practices to prevent breaches.
Partnering with security-focused providers can help monitor threats, stay compliant, and reduce exposure to cybercrime.
How to Stay Protected
A report by SixGill highlights how widespread and accessible stolen credit card data has become on the darker parts of the internet.
As cyber threats continue to evolve, both consumers and businesses must remain proactive in protecting sensitive financial information.