Source: National Cyber Security – Produced By Gregory Evans
Some banks are putting hacked credit and debit cards on watch lists, rather than replacing the cards. Credit and debit card fraud cost the U.S. $6.15 billion last year, up 12.4% from the previous year, according to The Nilson Report industry newsletter. So you’d think the financial services industry, which shoulders most of the cost, would be proactive about quashing the use of stolen card data. But it may not make financial sense for your bank to replace your card—even if it knows the card has been compromised. That’s because hacks go down in phases. One set of cyber attackers steals the information—say, by hacking into a major retailer like Target TGT -0.41% or Home Depot HD 0.53% . Those thieves sell that purloined plastic—or, more specifically, the data behind it—on online black markets and crime forums. There, a final set of fraudsters purchases the data to make unauthorized transactions. It’s an assembly line for digital iniquitousness. If your payment card information hovers in limbo between those stages—up for sale on a baleful bazaar, but not yet in the hands of those anchor leg crooks—your bank may know it, because security firms trawl the “carder” underworld to compile lists of […]
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