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Showing posts with label Credit Card. 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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Technology
Bank Security Credit Card data security Finance Personal Data Slim CD Technology

The Slim CD Data Breach: 1.7 Million Credit Cards Compromised


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.

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Personal Information
Credit Card Credit Card Theft Cyber Security DBS Bank Hacker attack PDPC Personal Information

Esso Corporate Fleet Programme Hit by Ransomware Attack on Abecha Servers

 

A ransomware attack on Abecha, the company managing Singapore’s Esso Corporate Fleet Discount Programme, may have compromised sensitive credit card information of its customers. Abecha discovered the breach on August 13 and notified affected customers on August 28. According to the company, the hackers may have accessed customers’ credit card numbers and expiration dates, but other personal information, such as names, addresses, and contact details, appears to have remained secure. 

In light of the breach, Abecha advised customers to review their credit card statements for any unauthorized or suspicious transactions. They also encouraged prompt reporting of any unusual activity to prevent potential misuse. An Abecha representative stated that there was no indication that any data had been taken by unauthorized parties. The company assured customers that their transactions were secure, and normal business operations were continuing. The Esso Corporate Fleet Discount Programme, a collaboration with ExxonMobil, has been in operation since 2003 and currently serves more than 18,000 corporate clients. 

The programme provides fuel discounts to corporate employees and is one of Abecha’s key offerings, alongside other corporate programmes with Citibank and DBS Bank. Following the attack, Abecha quickly shut down the affected servers and hired data protection and cybersecurity specialists to investigate the breach and recommend additional security protocols. The company also filed a police report and informed the Personal Data Protection Commission Singapore (PDPC), which is now investigating the incident. Despite assurances from Abecha, some customers have expressed concern. 

Alson Tang, a public relations professional, voiced his anxiety since he had provided his bank account number when signing up for the discount programme. “Fuel prices are high, and the discount is appealing, but my trust in the organization has been somewhat shaken,” Tang said. Davidson Chua, co-founder of the car-selling aggregator platform Telequotes, called the news “alarming.” While he had not detected any suspicious activity on his credit card, he noted that he might not have checked had he not learned of the breach. “If I hadn’t heard about this, I wouldn’t have checked my credit card transactions, and something could have happened, especially since I don’t use the Abecha Esso fleet card regularly,” Chua said, indicating he would likely cancel his card. 

This incident highlights the importance of stringent cybersecurity measures for companies handling sensitive financial data. The PDPC’s investigation may provide further insights into the breach and any potential regulatory consequences for Abecha.
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Skimmer
ATM Bank Credentials Card Skimming Credit Card Cyber Security Financial Data Financial Security Phishing Attacks Skimmer

Taking Measures to Prevent Card Skimming and Shimming

Protecting your financial information is crucial in the digital era we live in today. Credit card skimming and shimming have grown to be serious risks to customers all around the world with the emergence of sophisticated cybercrime techniques. Maintaining your financial stability depends on your ability to recognize and resist these approaches.

Credit card skimmers, according to PCMag, are deceptive gadgets installed on legal card readers, such as ATMs or petrol pumps, with the purpose of capturing and storing your card information. Cybercriminals have adapted by utilizing shimmers, which are extremely thin devices inserted into the card reader slot, according to KrebsOnSecurity, which cautions that even with the switch to chip-based cards, they have done so. These shimmers allow them to intercept the data from the chip.

The Royal Canadian Mounted Police (RCMP) provides valuable insights into how criminals install skimmers. They often work quickly and discreetly, making it hard for victims to notice. They may place a fake card reader on top of the legitimate one or install a small camera nearby to capture PIN numbers.

To protect yourself, it's important to be vigilant. MakeUseOf suggests a few key steps:

  • Inspect the Card Reader: Before using an ATM or a card reader at a gas pump, take a moment to examine the card slot. Look for any unusual devices or loose parts.
  • Cover Your PIN: Use your hand or body to shield the keypad as you enter your PIN. This simple step can prevent criminals from capturing this crucial piece of information.
  • Monitor Your Accounts: Regularly review your bank and credit card statements for any unauthorized transactions. Report any suspicious activity to your bank immediately.
  • Choose ATMs Wisely: Whenever possible, use ATMs located in well-lit, high-traffic areas. Avoid standalone ATMs in secluded or poorly monitored locations.
  • Stay Informed: Keep up-to-date with the latest scams and techniques used by cybercriminals. Knowledge is your best defense.
Remaining vigilant and well-informed is your primary defense against credit card skimmers and shimmers. By adopting these practices and staying aware of your surroundings, you can significantly reduce the risk of falling victim to these insidious forms of cybercrime. Remember, your financial security is well worth the extra effort.


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User Data
Aadhaar card Credit Card Digital Payment Finance Online Payments OTP Payment Apps Paytm Privacy Sensitive Information User Data

Paytm's Innovative ID-Based Checkout Solution

Paytm has made history by being the first payment gateway to provide retailers an alternative ID-based checkout solution. The way transactions are carried out in the world of digital payments is about to undergo a revolutionary change because of this ground-breaking innovation.

Traditional Internet transactions need a multi-step procedure that includes entering personal information, OTP verification, and payment confirmation. By enabling consumers to make payments using additional IDs like Aadhaar, PAN, or mobile numbers, Paytm's new system accelerates this procedure. This not only streamlines the checkout process but also improves security and lowers the possibility of mistakes.

The alternate ID-based checkout solution comes at a crucial time when the demand for seamless and secure online payments is higher than ever. With the surge in e-commerce activities, consumers seek faster and more convenient payment methods. Paytm's innovative approach addresses this need by eliminating the need for remembering complex passwords or digging through wallets for credit card information.

One of the major advantages of this system is its inclusivity. It caters to a wide range of users, including those who may need access to traditional banking services but possess valid alternate IDs. This democratization of online payments is a significant step towards financial inclusion.

Moreover, Paytm's solution is not limited to registered users. It includes a guest checkout option, allowing even first-time users to enjoy the benefits of this streamlined payment process. This opens up a whole new market of potential customers who may have been deterred by the complexity of conventional payment methods.

Security remains a paramount concern in the digital payment ecosystem, and Paytm has taken meticulous steps to ensure the safety of every transaction. The alternate ID-based system employs advanced encryption protocols and multi-factor authentication to safeguard sensitive information. This reassures both merchants and consumers that their data is protected.

Paytm's launch of the alternative ID-based checkout solution establishes a new benchmark for online payments as one of the fintech sector's innovators. The user experience is improved by this innovation, which also responds to the changing needs of a broad and expanding consumer base. Paytm is well-positioned to take the lead in determining the direction of future online transactions with its user-friendly approach and uncompromising dedication to security.

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POS Malware
Business Credit Card malware Personal Data POS Malware

POS Malware: Your Business Might Be at Risk


POS malware- Your business might be at risk

If you are a business owner that uses a POS system for receiving payments, you should be cautious about the dangers of point-of-sale malware and various threats associated with it. 

Malware is not very popular and is currently on the rise, however, if your system isn't protected, your businesses can be at risk.

Threat actors made the malware especially to attack POS systems to steal sensitive information like PINs, credit card numbers, and other personal data. The malware can be installed on any device that interacts with the POS system, this includes handheld devices, computers, and payment terminals. 

What is POS malware?

POS malware is software specifically created to steal customers' personal data via point-of-sale (POS) devices. The malware steals payment card info, this includes credit and debit card numbers, CVV codes, and expiration numbers. 

All of this information is stolen while your payment transaction is under process on the POS machine. The stolen data can be exploited for fraud purchases and identity thefts. 

POS malware is distributed via compromised networks and USB devices connected with the POS systems. It can also be spread using e-mails or other means of the internet. 

How does the POS malware work?

POS malware operates via attacking vulnerabilities in the POS system and software associated with it. The malware archives this by abusing weaknesses in the system, like poor security measures and weak passwords. 

POS malware takes the following steps to attack your business:

  • Getting access to your system

In the initial stage, the threat actor gains access to the victim system through an infected network or USB device. The access is achieved through methods like unsecured WiFi networks, phishing, or weak/predictable passwords.

  • Installing the Malware

After the threat actor gains access to the victim system, they deploy a POS malware into the targeted device (POS system). It can be a manual or remote process.

  • Threat actor starts collecting data

After the POS malware is installed, it hides secretly in the system and starts collecting data from customers' payment cards. The info stealing is done when the card details are stored in the system's RAM. It's the only time when data is encrypted. 

  • Harvesting the collected data

In the final stage, the threat actor harvests the collected card information for identity theft or fraudulent purchases. In some instances, they extract this data to a remote server where it is either sold or used for other criminal activities.

How to protect your business from POS malware?

  1. Create and implement robust security policies to protect yourself from threat actors.
  2. Use two-factor authentication (2FA), this ensures additional verification steps. 
  3. Check and verify network and device security
  4. Lookout for suspicious activities
  5. Inform and educate employees, and provide them proper POS training. 
  6. Use security software like antivirus to protect your business from external threats. 








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User Security
Credit Card Credit Card hack Cyber Security Data Theft Identity Fraud Identity Theft User Security

Here's How a Lost Wallet Becomes a Nightmare for Your Credit and Identity

 

Theft of identity and the establishment of bank accounts in your name can result from losing your wallet. That can result in years of battling false creditors and claims, building up bad credit. Jessica Roy, an assistant editor on the utility journalism team at the Los Angeles Times, experienced this. 

In 2018, she claims that her wallet was stolen from her purse at a pub, but she didn't pay it much attention. 

I actually didn't keep that much in there. My driver's license, some cash, and a few credit cards were all there. The following day, I discovered they had completed a few transactions. I changed the cards and got those backward. I initially believed it to be the conclusion, Roy stated. 

But in the middle of January 2019, she began receiving a tonne of letters. “It was like, ‘Congratulations on your new Bank of America account. Congratulations on your new Wells Fargo account. We're following up on your Target card inquiry.’ And I realized they were using my identity to start opening new accounts.” 

Roy speculates that the hackers might have secured her social security information through the dark web. According to her reporting, that is typical. Many people dismiss the frequent data breaches and online intrusions that result in the theft of personal information like passwords or social security numbers. 

Roy claims that nobody is secure. She discussed the 2017 Equifax hack, which affected 147 million Americans, in her blog. That comes from a credit bureau and is private information. Our every financial move is being tracked by the credit bureaus, who aren't even protecting our data, which is why we need to keep our identity so secure. 

She always believed that because she was a reporter and was being thorough, she would be able to thwart false claims and transactions. 

I never imagined that I would experience this. And when it happened, I said to myself, "You know what, I'm going to start doing something." I'll be in control of this. I'm going to call the banks and demand that they put things right. And that will be the conclusion of it. And they're going to take care of it and shut these accounts in a really friendly manner. And everything will be a closed book. But it persisted. 

In Roy's instance, some arrests eventually took place, which she claims is unusual. “It wasn't because ‘oh, the police dug into my crime and worked night and day to solve this.’ It's because [the suspects] were pulled over and arrested for something else. And incidentally, they happened to have a bunch of my identity material in the car with them.” 

Roy claims that despite their repeated attempts, the criminals were unable to access her bank and email accounts because they were secured. Things like two-factor authentication stopped future problems from getting worse. 

“They called me impersonating my bank and asked me to repeat my password as if it were a security question. And I realized I was like, ‘Oh my God, this is them. They're calling me on Christmas to try and steal my identity some more,” she further added. I really think the conclusion that I came to in experiencing this and reporting this story is that yes, there are steps you can take. Nothing is foolproof, and this is a systemic issue that has to be addressed.” 

Roy advises users to proactively freeze their credit cards and set up two-factor authentication for each account, including email and bank accounts, to lessen the risk of identity theft.
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Security
Carding Credit Card Cyber Fraud Data Financial Data Fraud Safety Security

Carding: What is it and how can you Safeguard Yourself ?

 

Carding has attracted a lot of attention recently, but not everyone understands what it includes. Carding is a type of credit card fraud that occurs when a stolen bank card is used to make purchases. It is a criminal act that affects both consumers and merchants. So, what exactly is carding, how do cybercriminals do it, and what are the risks? 

Carding is the illegal acquisition of goods or services through the use of another person's credit card information. This can be accomplished by stealing someone's credit card information or purchasing stolen financial data on the internet. Cybercriminals target online stores because they can purchase goods like electronics and other high-value items anonymously.

In some cases, criminals may sell or exchange stolen credit card information with others in underground forums. However apart from that, since such transactions are difficult to track, many cybercriminals buy gift cards or other types of prepaid cards. 

Many malicious hackers buy items with stolen cards and then sell them for a lower price for cash, earning money illegally. The main danger of carding is identity theft, as criminals can use stolen credit card information to buy items with someone else's money. If a credit card is used fraudulently and the user is unaware, financial losses or even criminal charges may result. 

Carding is carried out in a variety of ways by lawbreakers. They can use a variety of software tools to scan and find vulnerable websites, as well as brute-force password, cracking. Here are some other popular methods of carding used by cybercriminals:

  • Phishing: One of the most common methods is "phishing," in which criminals send emails or messages posing as legitimate companies and requesting credit card information.
  • Skimming: Skimmers, which are devices attached to ATMs and card readers, can also be used by criminals. Without the user's knowledge, the device collects credit card information.
  • PoS Malware: PoS malware is a type of malicious software that is designed to steal credit card information from retail stores and restaurants. This is a more advanced method of carding because it necessitates specialised knowledge and resources.
  • Zero-day vulnerabilities: Some criminals also use zero-day vulnerabilities, which are security flaws in software applications and operating systems that vendors have not yet discovered. To gain access to private data stored in databases, zero-day vulnerabilities can be exploited.
What is the process of carding?

Carding is usually implemented in the following steps.

Step 1: Card information has been stolen.
The first step in carding is to obtain credit card information. This can be accomplished through one of the aforementioned methods, such as phishing, skimming, and so on.

Step 2: Card information is validated.
Once the credit card information has been obtained, it must be verified to ensure that it is valid. Criminals typically carry out this step by making a small purchase on one or more websites and then watching to see if it is successful. It could be as little as $1, for example.

Step 3: Card information is used for purchases.
Criminals are now using substantiated card details to buy products or services from various websites. This enables them to profit by reselling the purchased items for cash (or they might just enjoy the products themselves).

Step 4: The transfer of funds
Finally, criminals transfer their illegally obtained cash using money laundering methods. They might also sell stolen credit card information on underground forums and dark web markets.

How to guard against carding attacks?

The best way to avoid carding is to take preventive measures and be cautious when using or sharing your credit card information.

The most obvious piece of advice is to be cautious with your information. Don't give out your credit card information to anyone, and be especially cautious when providing it online, as criminals may use phishing techniques to gain access to your information. Check your credit card statements on a regular basis to ensure that all transactions are legitimate. If you notice any suspicious activity, contact your bank right away. Use strong passwords for all of your online accounts. This will prevent criminals from accessing your financial information.
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