Forest Global Training Partners

Cyber Risks · Krebs on Security

Here’s Why Credit Card Fraud is Still a Thing

Summary: Researchers at NYU's Tandon School of Engineering, analyzing data leaked after BriansClub was hacked in October 2019, found the stolen card shop earned close to $104 million in gross revenue from 2015 to early 2019 and listed over 19 million unique card numbers, about 97% of them magnetic stripe data. The Federal Reserve estimated 43.3 percent of U.S. in-person card payments were still processed by reading the magnetic stripe three years after the 2015 liability shift, and more than 84 percent of non-chip cards advertised by BriansClub sold versus 35 percent of chip-based cards.

What you should know: BriansClub customers bought only 40% of overall inventory but more than half of cards from small and medium-sized institutions, and paid roughly double the median price for cards from large issuers - fraudsters are pricing your card program against your peers' defenses, and the market is telling them which ones are weak.

Read the original at Krebs on Security ↗

Topics
Data Breaches
Related