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Cyber Risks · Krebs on Security

How Was Your Credit Card Stolen?

Summary: Krebs on Security published a primer explaining why cardholders almost never learn which merchant or system was breached, noting that card associations often identify the compromised merchant before banks or the merchant do but rarely tell banks which one it was. The post catalogs common fraud sources - hacked point-of-sale systems at restaurants and main street merchants, processor breaches, point-of-sale vendor compromises, e-commerce breaches, ATM and gas pump skimmers, crooked employees, lost or stolen cards, consumer PC malware, and physical record theft - and rates the consumer's odds of learning the source as low to nil for most of them.

Bottom line: For most fraud categories in the piece, the chance a cardholder learns the true source is rated low or nil, and banks that do know rarely share it with customers - so the breach detection and notification burden sits with the institutions, not the people whose cards were used.

Read the original at Krebs on Security ↗

Topics
Data Breaches
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