In the past two years when all our activities had to be in the digital world due to the pandemic, the threat that cyber crooks pose to our financial and social security became even more prominent.
To highlight this further, NordVPN recently released a study of 4 million payment cards from 140 countries and revealed that an average debit or credit card can be cracked in just six seconds.
It said that the most common method to hack a payment card is brute forcing, which is incredibly quick and can be executed in a matter of seconds.
“The only way such a huge number of payment cards could appear on the dark web is through brute forcing. That means that criminals basically try to guess the card number and CVV. The first 6-8 numbers are the card issuer’s ID number. That leaves hackers with 7-9 numbers to guess because the 16th digit is a checksum and is used only to determine whether any mistakes were made when entering the number. Using a computer, an attack like this can take only six seconds,” says Marijus Briedis, CTO at NordVPN.
In view of this, he said that card users need to review their monthly statements for suspicious activity and respond quickly to every security notification from your bank.
“Another recommendation is to have a separate bank account for different purposes and only keep small amounts of money in the one your payment cards are connected to. Some banks also offer temporary virtual cards you can use if you don’t feel safe while shopping online,” said Briedis.
The Reserve Bank of India (RBI) also recently released a booklet on the common modus operandi used by fraudsters, and the general precautions and digital hygiene measures to be taken by the public.
“As the speed and ease of doing financial transactions has improved, the number of frauds reported in retail financial transactions have also gone up. Fraudsters have been using innovative methods to defraud the common and gullible people of their hard-earned money,” said the RBI.
Further, it cautioned people to never believe loan offers made by people on their own through telephones/emails, etc and never make any payment against such offers or share any credentials.
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