Earlier this week, it was discovered around 40 million debit/credit cards were compromised, thanks to a breach at super store Target. It’s now being discovered where some of that info is.
According to security watchdogs like Krebs on Security, much of that data has entered the underground stolen credit card market. Some people’s credit card numbers, security codes, and other info is being bought, sold and traded for as little as $20 a pop as I write this. In fact, the breach was encouraged after one underground ‘card shop’ advertised there would be a place where thieves could get stolen credit/debit cards. Not only that, this particular card shop has a reliable reputation throughout the cyber crime community. What they do is clone cards. They get the stolen number and the pin, put their name on the cards, and then use the cards at stores and ATMs like it’s theirs.
But you want to know the saddest thing of all is? Chain stores and law enforcement, or legal banks can’t seem to catch up with this disturbing trend. While some cards have been recovered, the majority of them looks like they’ve entered this underground market. While these markets thrive, legit companies are struggling to fight back, or even keep up. What can be done to turn this tide?