Credit card security has always been a challenge for users, as hackers try innovative ways to lure the victims. In a massive data breach, payment gateway provider Slim CD (it offers payment processing services for both online and offline merchants) revealed it has suffered a data breach that impacted credit card and personal data that belongs to around 1.7 million users.
About Slim CD Breach
Like recent data breaches, your personal information could now be with threat actors, and it is not your fault. This blog covers details related to the breach, and the steps you can take to protect your credit card and avoid misuse of credit card numbers.
In the notification sent to affected victims, Slim CD said hackers gained access to its network for almost a year, from August 2023 to June 2024. But they could only steal credit card details between June 14 and 15 of this year.
Earlier this year in June, Slim CD found that suspicious users had access to its systems. After that, the company launched an inquiry, which revealed that hackers had first gained entry into the networks in August 2023. The stolen data includes physical addresses, full names, credit card numbers and card expiry dates. Luckily, card verification numbers or CVVs weren't stolen, the company says.
Experts believe that without CVV, hackers can't do much with the stolen credit card data or make any fraudulent transactions with your credit card. But the risk of credit card fraud is still there.
How to protect yourself?
Generally, if you suffer a major data breach, the company offers free access to either credit monitoring or identity theft protection services. But in the case of Slim CD, it isn't doing anything like this for affected users.
What have we learned?
The Slim CD incident has highlighted various gap areas for both businesses and customers.
1. Robust Security Measures: Investment is crucial in this area this includes encryption, two-factor authentication, and frequent security audits. These steps can help protect against unauthorized attempts at stealing sensitive info.
2. Monitoring: Customers should frequently keep an eye on their bank statements and credit reports for any suspicious activity. Threat detection at an early stage can reduce the damage caused by a data breach.
3. Quick Response: In the event of a data breach, a fast response becomes important. Informing impacted individuals and offering support can help minimize the damage and rebuild trust.
4. Being Informed and Educated: Both companies and customers should be aware about the basic safety steps needed to be safe from a data breach. For businesses awareness programs and training campaigns can provide certain help.
