Another Day, Another Card Breach
For all of the articles we see every day about making sure your online transactions are secure, including some articles on the Lincoln Savings Bank blog, it seems most security breaches we hear about on the news are from retailers with primarily physical locations. If online transactions are so risky, why do they appear to be less targeted by criminals?
Simply put, they get more bang for their buck. Let us explain.
“Dumps” vs. “CVVs”
In the criminal world, physical “bricks and mortar” stores are called “dumps,” while online merchants are referred to as “CVVs.” Debit and credit card information from dumps sells for about ten times the amount as information stolen from a CVV on the black market. Why? It’s easier to use.
With information from a dump, a “carder,” the person who purchases this stolen information, can walk in, make their purchases, and walk out. The process isn’t so simple for information from a CVV.
The carder has to search online for retailers that will ship merchandise to an address different than the one connected to the debit or credit card. They then have the merchandise shipped to a person at that different address (who also gets a slice of the pie). Of course, this is IF the merchandise isn’t stopped because the owner of the debit or credit card complains about a fraudulent charge on their card.
“Why are we seeing so many breaches if we know what criminals are after?” you may be asking.
The most logical answer is that they know retailers will eventually catch up and get stronger safeguards in place. Thicker walls of security, along with increased public knowledge about how these breaches occur, mean the clock is ticking.
The best thing you as a consumer can do is remain vigilant with your purchases and reviewing your account statements each month for suspicious charges. Lincoln Savings Bank has monitoring services in place to ensure we catch possibly fraudulent charges. We also have protocols in place to issue new debit and credit cards if there is a sign of a breach.
If you have any questions regarding our security policies or how you can better protect your accounts, please contact Lincoln Savings Bank today. Member FDIC