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Showing posts with label Credit Card Fraud. Show all posts
Financial Security
Bank Security Credit Card Credit Card Fraud Credit Cards Cyber Security Digital Wallet Financial Security

Virtual Credit Cards: How They Work, Benefits, and Security Features

 

Virtual credit cards are digital versions of traditional credit cards, designed to enhance security in online transactions. Instead of using a physical card number, they generate a unique number for each purchase, reducing the risk of data breaches and fraud. If compromised, a virtual card can be canceled without affecting the main credit card account, making it a valuable security tool. 

Many issuers also provide immediate access to virtual cards upon account approval, allowing users to shop before receiving their physical card. Virtual credit cards function by generating a random 16-digit number linked to a real credit card account. They can be used for online purchases, certain phone transactions, and even in physical stores if added to a digital wallet like Apple Pay or Google Pay. Unlike traditional cards, virtual cards often allow users to set expiration dates and spending limits, giving them greater control over their transactions. Although similar, virtual credit cards are different from digital wallets. 

Digital wallets, such as Apple Pay and Google Pay, store actual card details and other digital assets, while virtual cards generate new numbers for each transaction, offering more protection against cyber threats. However, virtual cards do have limitations—they may not be accepted at all physical locations and can pose challenges for hotel or rental car bookings that require a physical card. Additionally, not all credit card issuers offer virtual cards. To obtain a virtual credit card, users should check if their issuer provides this feature. 

Some banks, like Capital One and Citi, offer virtual card numbers through browser extensions or account portals. Others, such as Chase and Wells Fargo, do not provide one-time-use virtual cards but allow integration with digital wallets. Once generated, users can adjust settings like spending limits and expiration dates to enhance security. While virtual credit cards add an extra layer of protection, they are not entirely foolproof. Hackers may still access an active virtual card, but most issuers provide fraud protection, ensuring users aren’t liable for unauthorized transactions. 

If compromised, a virtual card can be canceled and replaced without changing the main account number. To further enhance online security, consumers can use digital wallets, secure payment platforms like PayPal, and avoid storing payment details in web browsers. Using strong passwords, shopping only on secure networks, and enabling multi-factor authentication also help prevent fraud. 

For those interested in a virtual credit card, the process is simple—choose a card that offers this feature, apply through the issuer’s secure site, and access a virtual number upon approval. By integrating virtual credit cards into their payment methods, users can enjoy safer and more controlled online transactions.
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online shopping fraud
AWS AWS S3 Credit Card Fraud Cyber Attacks Data Leak data security Identity Theft Prevention online shopping fraud

Massive Credit Card Breach Puts Millions at Risk


A significant credit card breach has been uncovered, threatening to disrupt holiday shopping for millions of Americans. The breach stems from an Amazon Web Services (AWS) S3 bucket left unsecured online, which contained sensitive customer data, including credit card details, names, addresses, and emails. This exposed data belongs to approximately five million individuals who fell victim to phishing scams, with one notable scheme promoting fake offers for a free iPhone.

The breach poses immediate risks such as fraud, unauthorized transactions, and identity theft. Cybersecurity experts are advising affected individuals to contact their financial institutions promptly to mitigate potential damage. Although the perpetrators remain unidentified, Amazon’s AWS Abuse team has initiated an investigation into the incident. According to researchers at Leakd.com, the breach originated from a phishing campaign orchestrated by a fraudulent company named “Braniacshop.” This group deceived victims with false promises of winning an iPhone 14, leveraging social engineering tactics like fake emails and websites to obtain personal information.

Researchers warn that the stolen data, now potentially available on the dark web, is estimated to be worth $85 million. Each stolen credit card detail could fetch up to $17. The timing of this breach during the busy holiday season intensifies its impact, as millions of Americans could face financial challenges while preparing for Christmas. To mitigate these risks, experts recommend carefully monitoring financial statements for any unusual activity and immediately notifying banks or credit card issuers of suspicious transactions to freeze compromised accounts.

Setting up fraud alerts with financial institutions can add an additional layer of security by flagging unauthorized actions. Taking a proactive stance, such as initiating a credit freeze, can prevent scammers from opening new accounts in an individual’s name. Strengthening online account security by using multi-factor authentication, encrypted password managers, and longer passphrases is another critical step to safeguard personal information.

For comprehensive protection, investing in identity theft monitoring services is highly recommended. These services provide ongoing alerts about potential misuse of personal data, helping users act swiftly in the event of a security breach. The incident serves as a crucial reminder to remain vigilant, particularly during the holiday season when phishing scams and fraudulent offers become more frequent. Proactive measures taken now can safeguard financial security and ensure peace of mind during this critical period. 

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Mastercard
AI cybersecurity Credit Card Fraud Credit Card hack Cyber Attacks Financial Data Financial Scam Financial Security Mastercard

Preventing Credit Card Fraud in 2024: Tips to Avoid Declined Transactions and Fraud Alerts

 

Credit card fraud is a growing issue, with over 60% of cardholders experiencing attempted fraud in 2023. The use of AI by cybercriminals has dramatically increased, allowing them to open hundreds of accounts daily. Global losses from card fraud reached $33 billion in 2022, with the U.S. accounting for 40% of these losses. 

Although AI is part of the problem, it is also crucial to the solution. Companies like Visa and Mastercard are using AI to enhance their fraud detection systems, reducing false alerts while improving accuracy. Beyond traditional credit card fraud, criminals are now focusing on stealing other types of personal data, such as social security numbers, to commit more sophisticated financial crimes. This shift highlights the importance of comprehensive fraud prevention systems that account for more than just card theft. 

The decrease in false credit card purchases, down 5.4% from 2023, reflects improvements in fraud detection, with Mastercard noting a 20% increase in fraud detection accuracy thanks to AI technology. To minimize the risk of fraud, consumers should adopt strong security measures such as two-factor authentication, biometric passcodes, and password managers. Shopping on reputable sites and using secure payment methods like tap-to-pay can also help reduce exposure to fraudulent activity. Monitoring services and setting personalized fraud alert thresholds can ensure that consumers are notified only when necessary, cutting down on false alerts. 

One key trigger for fraud alerts is changes in shopping behavior, such as buying high-ticket items or frequent purchases from new vendors. These patterns raise red flags, prompting card companies to issue alerts or block transactions. To avoid these issues, consumers can notify their card companies of upcoming travel or large purchases in advance, helping to reduce false fraud alerts. Despite the inconvenience of fraud alerts, they are essential in preventing unauthorized transactions. Consumers are encouraged not to ignore these alerts, even if they seem excessive. 

Experts like Satish Lalchand emphasize the importance of vigilance, as fraud is expected to remain a significant threat. Properly understanding fraud alerts and securing personal data is crucial in staying one step ahead of cybercriminals. To further protect against fraud, individuals should avoid using public Wi-Fi for online transactions and consider freezing their credit to limit unauthorized access. Regularly monitoring credit reports and financial accounts for unusual activity is also essential. Using secure mobile payment methods like tap-to-pay or mobile wallet apps adds an extra layer of protection. 

Financial institutions are continuing to enhance their fraud detection systems, and consumers must take proactive steps to stay vigilant. This combination of personal responsibility and advanced security measures can significantly reduce the chances of falling victim to fraud.
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cybercriminals
Bank Details Bank fraud BIN Attack Credit Card Fraud Cyber Fraud cybercriminals

‘BIN’ Attacks: Cybercriminals are Using Stolen ‘BIN’ Details for Card Fraud


While cybersecurity networks might be boosting themselves with newer technologies, cybercrime groups are also augmenting their tactics with more sophisticated tools. 

The latest example in cyberspace is the “BIN attacks,” that targeted small businesses. The tactic involved manipulation of the Bank Identification Number (BIN) of credit cards that allowed threat actors to put the stolen card details through trial and error on unsuspecting e-commerce websites. 

Behind the Scenes of the 'BIN' Attacks

In 2023 alone, the payment card fraud amounted to a whopping $577 million, which was 16.5% more than in 2022. Among its victims, the Commonwealth Bank was the one that experienced the fraud when a Melbourne wholesaler faced a barrage of 13,500 declined e-commerce transactions in a month. 

The incident, previously noted as a clerical error, turned out to be an event of cybercrime that impacted both businesses and consumers. 

The cybercriminals initially obtained the first six digits of a credit card, called the Bank Identification Number (BIN). This information was then used for trial and error to determine what combinations of card numbers, expiration dates, and security codes work. Subsequently, the card data that were taken are verified through inconspicuous transactions to ascertain their authenticity. Once verified, card numbers that have been compromised are either sold by fraudsters or used in larger-scale fraudulent transactions.

Customer Accounts Compromised

Commonwealth Bank account holders, Bob Barrow and John Goodall, discovered that they were the targets of fraudulent activities. Despite having no online activity with their cards, they were astonished when they found out about the transactions made on their accounts. This made them question the security of their financial information.

Credit card numbers are more random and limitless than one might believe. Out of the sixteen digits on a card, the six-digit BIN leaves just ten that follow a pattern. Because there are comparatively fewer options, cybercriminals can leverage automated methods to quickly guess valid combinations, which presents a serious threat to conventional security measures. 

While the affected entities are expected to come up with more stringent safety measures, the responsibility does not solely lay on the banks. Financial institutions do not always conduct the transactions; they are often the victims themselves who issue the cards. The attacks emphasize the necessity of a multi-layered safeguard, with companies utilizing strong fraud prevention systems and online shop security-focused payment processors like Stripe and Square. This is necessary since a BIN attack's aftermath might cause firms to go bankrupt.

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Tax Fraud
advance payment scams and money laundering Black Axe Gang Credit Card Fraud Cyber Crime cybercrime gang Email Scams Financial Fraud inheritance scams Interpol Tax Fraud

Operation Jackal: INTERPOL Shuts Down African Cybercrime Gang


A recent operation by INTERPOL on the West African cybercrime organization led to several bank accounts being frozen, with suspects detained and a series of financial investigations organized worldwide. 

Operation Jackal, conducted between May 15 and 29, apparently mobilized police forces, financial crime units and cybercrime agencies across 21 countries in order to launch a targeted strike on Black Axe and related West African organized criminal gangs.

As of now, more than 200 illicit bank accounts that were linked to online financial crime have been blocked, with several associated suspects arrested whose networks in cybercrime pose a severe threat to international security. 

“Organized crime is mostly driven by financial gain and INTERPOL is committed to working with our member countries to deprive these groups of their ill-gotten assets. This successful operation involving so many countries clearly shows what can be achieved through international cooperation, and will serve as a blueprint for concerted police action against financial crime in the future,” says Isaac Kehinde Oginni, Director of INTERPOL’s Financial Crime and Anti-Corruption Centre (IFCACC). “It also sends a strong message to West African crime networks that no matter where they hide in cyberspace, INTERPOL will pursue them relentlessly. The illegal activities of Black Axe and similar crimes syndicates will remain a priority for INTERPOL.”

In Portugal alone, four such investigations led to the accumulated seizure and recovery of around 1.4 EUR million.

A total of 34 suspects have been arrested in the Irish phase of the operation. Amongst these arrests, 12 were detained for investigative purposes and 22 on suspicion of money laundering and gangland-style offences. 

According to Deputy Head of the National Central Bureau of Dublin, Tony Kelly, ‘It became apparent early in the investigation that international cooperation and the use of INTERPOL’s analytical and coordination capabilities was essential to the investigation, and remains a pivotal element to the success to date and the ongoing investigation into this group.”

More such investigations have been witnessed across the world as intelligence agencies are putting efforts into investigating the issue.

Black Axe and other West African organized cybercrime syndicates are popular malicious gangs known for cyber-enabled criminal offences like financial fraud, mostly done by compromising company’s email systems, romance scams, inheritance scams, credit card fraud, tax fraud, advance payment scams and money laundering. 

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Vulnerability and Exploits.
Credit Card Fraud Crypto Theft Cyber Fraud Hacktivism Law Enforcement Malicious actor Ransomware Attacks. Vulnerability and Exploits.

Hacktivists Embrace Cybercrime Tactics for Funding

Hacktivism, the fusion of hacking and activism, has become an increasingly prevalent form of online protest and advocacy. While hacktivists are driven by social or political motivations, it is crucial to understand that some of these individuals or groups fund their operations through methods commonly associated with cybercrime. Recent research has shed light on this intriguing intersection between hacktivism and cybercrime, revealing how these hacktivists leverage tactics typically associated with malicious cyber actors to finance their endeavors.

According to a report by Kela, a cybersecurity intelligence firm, hacktivists have been exploring avenues beyond traditional donations to secure the resources they need. The report highlights instances where hacktivist groups engage in activities such as ransomware attacks, cryptocurrency theft, and credit card fraud. These illicit activities provide them with a substantial financial influx, enabling them to sustain and amplify their campaigns.

One alarming example involves the deployment of ransomware by certain hacktivist factions. By encrypting valuable data and demanding ransom payments, these groups not only fund their endeavors but also attract attention to their causes through the media coverage generated by such attacks. This fusion of monetary gain and ideological motivation blurs the lines between hacktivism and cybercrime, leaving security experts and law enforcement agencies grappling with multifaceted challenges.

Cybersecurity news sources note that hacktivists have started using strategies frequently used by cybercriminals, taking advantage of the same flaws in software and systems. This confluence of techniques not only makes identification more difficult, but also emphasizes the need for an all-encompassing response to these changing threats.

The line between hacktivists and hackers has become increasingly complex in light of these developments. The intentions behind these efforts are essential in separating hacktivist behavior from that of malicious hackers. While hacktivists aim to advance social or political causes, their strategies are becoming more and more like those of cyber criminals.

It is crucial that cybersecurity experts, policymakers, and society at large handle these new concerns as the digital landscape continues to change. A nuanced viewpoint is crucial, as Dr. Jane Mitchell, a cybersecurity expert, emphasizes: "Formulating effective strategies that balance security concerns with the legitimate grievances that hacktivist groups frequently spotlight is essential."

Digital activism has undergone a substantial change as a result of the fusion of hacktivism and criminal strategies. Now using standard cybercrime techniques to fund their operations, hacktivist groups were largely concentrated on ideological campaigns. 

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Online Security
Card Skimming Credit Card Fraud Cyber Security Data Theft Online Security

Here's How to Safeguard Your Credit Card Info

 

Sure, you recognise a phishing email (even if your parents don't). Unfortunately, thieves are constantly coming up with new ways to get unauthorised access to credit card information, leaving you with financial losses and emotional distress. While hackers demonstrate their limitless creativity, the old means of defrauding do not appear to be fading away. 

Here's what you need to know about the different ways your credit card information might be stolen so you can safeguard your financial well-being. 

Phishing scam

One of the most common ways to get credit card information continues to be phishing. You may be duped into providing your credit card information by cybercriminals who send false emails, messages, or fake websites that appear to be legitimate companies. If you refrain from your research before responding to a suspicious phishing email, you can end up "confirming your identity" with a hacker. 

The following are some effective anti-phishing strategies: Never click on shady links or give confidential information to an unknown. When confirming an email's legitimacy, double-check the sender's address. There is no chance that your bank will get in touch with you through Gmail. 

Card skimming

Yes, ATM card skimming still occurs in the digital era. When fraudsters install devices on ATMs, petrol pumps or point-of-sale terminals to steal credit card information from unknowing victims, this is called card skimming. These devices can be hard to find, and the information obtained from them is later utilised to make cloned cards or make online payments.

You should check card readers for signs of manipulation, cover your hand when entering your PIN, utilise ATMs that are located in secure, well-lit places, and use mobile pay or tap to pay whenever feasible to protect yourself against card skimming. 

Breach of confidentiality 

Data breaches occur when hackers secure access to a company's systems and steal critical consumer information, such as credit card information. Unfortunately, these breaches are prevalent and can impact even major, well-known companies. Cybercriminals may then sell or utilise this information for fraudulent transactions on the dark web. 

Check for data breach notifications from firms with which you have accounts on a regular basis, and use two-factor authentication whenever possible. If you learn that your information has been exposed as a result of a data breach, you should change your password on any sites where you use the same login information—and avoid reusing passwords! 

Physical thievery 

With all of the modern tools of theft to be aware of, we must not overlook good old-fashioned pickpocketing. Even losing your wallet or purse can expose your credit card information, especially if the criminal watched you enter your PIN at the ATM before robbing you. If your card is lost or stolen, don't put it off: notify your bank right away to limit the damage. 

The bottom line when it comes to avoiding credit card fraud is to be attentive, practise good security habits, and constantly examine your financial statements to discover any strange activity as soon as possible. The best line of defence against credit card theft is to be vigilant and knowledgeable.
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online theft
Card Skimming Credit Card Fraud Cyber Attacks E-Commerce Websites online theft

Online Thieves Target Legitimate Ecommerce CCTSites to Steal Credit Cards

 

In a recent Magecart credit card theft campaign, legitimate websites are taken over and used as "makeshift" command and control (C2) servers to inject and conceal skimmers on selected eCommerce sites.

An online store breached by hackers to insert malicious scripts that steal customers' credit cards and personal information while they are checking out is known as a "Magecart attack." 

The United States, the United Kingdom, Australia, Brazil, Peru, and Estonian organisations have all been penetrated, according to Akamai researchers following this campaign.

A further indication of the stealthiness of these attacks, according to the cybersecurity firm, is the fact that many victims haven't been aware they've been compromised for more than a month. 

Exploiting legitimate sites 

The initial step taken by the attackers is to find trustworthy websites that are vulnerable and hack them to host their malicious code and function as C2 servers for their attacks. 

Threat actors avoid detection and blockades and are spared from having to build up their own infrastructure by disseminating credit card skimmers through reputable, legal websites. 

The next step taken by the attackers is to insert a short JavaScript snippet into the target e-commerce websites that retrieves the malicious code from the previously compromised websites.

"Although it is unclear how these sites are being breached, based on our recent research from similar, previous campaigns, the attackers will usually look for vulnerabilities in the targeted websites' digital commerce platform (such as Magento, WooCommerce, WordPress, Shopify, etc.) or in vulnerable third-party services used by the website," researchers explained in the report. 

To enhance the attack's stealthiness, the threat actors developed the skimmer's structure to mimic that of Google Tag Manager or Facebook Pixel, which are well-known third-party services that are unlikely to draw attention. Base64 encoding also hides the host's URL. 

Data theft details 

Akamai claims to have observed two different skimmer iterations being used in the specific campaign. 

A number of CSS selectors that target consumer PII and credit card information are included in the initial version, which is highly obscured. For each site that was targeted, a different set of CSS selectors was created specifically for that victim. 

The second skimmer variant's lack of security allowed indicators in the code to be exposed, which allowed Akamai to map the campaign's distribution and identify more victims.

The data is sent to the attacker's server via an HTTP request formed as an IMG tag inside the skimmer after the skimmers steal the customers' personal information. The data also has a layer of Base64 encoding to obscure the transmission and lessen the chance that the victim will notice the breach. 

By safeguarding website admin accounts effectively and updating their CMS and plugins, website owners may fend off Magecart invasions. By adopting electronic payment methods, virtual cards, or restricting how much can be charged to their credit cards, customers of online stores can reduce the danger of data exposure.
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