The Dark Web’s Hacked Credit Card Market Keeps Surging

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How do you know you are you? As far as the banks, credit agencies and most major financial institutions are concerned, the answer lies with a few numbers and maybe an address. Looked at from this fiduciary perspective, identity isn't a Jungian mumbo-jumbo mystery but a concrete set of information allowing lenders, creditors and more to know with whom they are dealing.

Unfortunately that means anyone who knows the specific information financial institutions use to determine your identity can pass as you. According to a recent report released by cyber intelligence firm IntSights, the number of hacked credit card numbers for sale on the internet's dark web leaped 135% from the second half of 2017, an increase from roughly 2,400 credit cards per bank to more than 4,000. The statistic drives home how identity security can't be taken for granted and that we each have a responsibility to minimize the chance of becoming a victim of financial identity theft.

Crimes of Opportunity

As more of the services and purchases fueling everyday life migrate online, the opportunities multiply for getting our credit card and other sensitive financial data swiped. Every account where you've entered your credit card info, from Amazon to that site that will send people glitter bombs anonymously, has the potential to betray your vulnerable information should hackers successful penetrate the website's security. Most of these breaches affect only a comparatively small amount of shoppers—such as the recent attack on Macy's databases—but the attacks come quickly enough that everyone should be aware that the risk exists, no matter how far-fetched.

Making like it's 1994 and refusing to use your credit card online won't provide complete protection, as many thieves still deploy relatively low-tech measures to steal your credit card info. They can attach a small device called a skimmer to the card reader slots on ATMs that will copy your card's data for their own use, a technique taking advantage of most people's profound disinterest in closely examining an ATM card reader. Unscrupulous servers at restaurants and bars can also use skimmers once safely out of sight from you, meaning you'll regret ordering that Bloomin' Onion even more than usual.

If the warnings above cause you to consider barricading yourself in your home with your credit cards, just remember emails loaded with malware and even a good-old-fashioned con over the phone can still manage to wrest your cards' info away from you and into the hands of scammers.

Ounce of Prevention

Since the only way to absolutely, 100% guarantee your credit card information's safety is to not have credit cards at all—and abstinence-only solutions never turn out well—your efforts should be spent on reducing risk.

When shopping online, make sure the website where you enter your credit card information at least has the little lock icon and word "Secure" next to the URL. You also should take advantage of any two-factor authentication features the retailer offers, which requires extra verification on your part to act as an additional check against fraudsters. And try to think of a better password than "P@ssword" for your accounts—ideally something with at least 8 random letters with a mixture of capitalization and lowercase.

If the worst should happen and your credit card information is not only compromised, but is being used by a thief, a careful vigilance over your accounts will help you prevent things from spiraling out of control. Your liability for any charges made by a fraudster is almost always zero, but you want to always keep an eye on your bill and make sure none of the charges are out of the ordinary. It's never fun to discover you've been the victim of credit card fraud, but by taking the appropriate action in a timely manner, the crime should be an annoyance and not a tragedy.

The article, The Dark Web's Hacked Credit Card Market Keeps Surging, originally appeared on ValuePenguin.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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