Hack Credit Cards: Types of Hacks and How to Protect

Credit card hacking is a serious issue that affects millions of people worldwide. In fact, according to a report, over 15 million credit card numbers were stolen in a single data breach in 2017.

There are several types of hacks that can compromise your credit card information. These include phishing scams, where hackers trick you into revealing your card details, and skimming, where devices are attached to ATMs or payment terminals to capture your card info.

To protect yourself, make sure to regularly check your credit card statements for any suspicious transactions. This can help you catch any unauthorized charges early on.

By being vigilant and taking steps to secure your credit card information, you can significantly reduce the risk of falling victim to a hack.

For more insights, see: People's Credit Cards Information

Data breaches have become a common occurrence, with Statista reporting 1473 cases in the US alone in 2019. This number is alarming, exposing approximately 165 personal data records.

In 2019, hackers had easy access to a vast amount of data stored online, including credit cards and other crucial information. This has led to a significant increase in data breaches.

If you've become a victim of a data breach, it's essential to freeze your card and place a fraud alert immediately.

In 2014, Home Depot suffered a massive data breach that exposed 56 million credit and debit cards.

The attack was carried out through a custom-built malware, according to the Wall Street Journal.

Home Depot paid a total of $179 million to banks, card companies, and affected customers.

This includes $25 million to banks, $134.5 million to card companies like Visa and MasterCard, and $19.5 million to customers.

Data breaches are a common occurrence, with 1473 cases reported in the US alone in 2019, exposing approximately 165 million personal data records.

The numbers are scary, and it's no wonder hackers can access a vast amount of data stored online, including credit cards and other crucial information.

Using virtual credit cards can help combat data breaches, as they allow you to check out at e-commerce stores without recording your credit card information.

In 2009, a lone hacker broke into the systems of Heartland Systems, a payment processing company, stealing 160 million card details.

This hacker was later caught and jailed, and in 2013, five people, including the hacker, were indicted for attacking multiple retailers, financial institutions, and payment processing firms.

You should immediately freeze your card and place a fraud alert if you become a victim of a data breach, and replace your card with a new one from a different provider.

Getting a new copy of your updated credit report and closely watching for suspicious credit card activities can also help you recover from a data breach.

Related reading: Do Credit Cards Help Your Credit Score

The TJX Companies, which owns retailers like TJMaxx and Marshall's, suffered a massive cyber-attack in 2006.

The breach exposed 94 million credit cards, with data for both Visa and MasterCard stolen.

The Associated Press reported that the fraud-related losses for Visa alone could be between $68 million and $83 million, spread across 13 countries.

The company ended up paying $41 million to Visa and $24 million to MasterCard.

In addition, TJX paid $9.75 million in a consumer protection settlement to 41 states.

This breach highlights the importance of being vigilant with our credit card information.

It's worth noting that the company has stated it has found no evidence that the breached information has been used for identity theft or fraud.

Additional reading: Do Business Credit Cards Affect Your Personal Credit

In 1984, a major data breach occurred involving TRW and Sears. The breach occurred when the password for a leading credit union TRW was stolen from a Sears store on the West Coast.

The stolen password unlocked the credit histories and personal information of millions of people, which could be used to obtain credit card numbers. This breach was reported in the New York Times.

A total of 90 million credit cards were affected by the breach, making it one of the largest data breaches of its time.

Check this out: Has Credit Cards Been Stolen in Usps Mail

Credit card hacks can be broadly categorized into several types, each with its own set of characteristics and consequences.

Skimming is a type of hack where thieves attach a device to an ATM or card reader to capture your card information. This can happen in a matter of seconds.

Phishing scams often involve fake emails or websites that trick you into revealing your credit card details. In one notable case, a phishing scammer managed to steal over $1 million from unsuspecting victims.

Card-not-present (CNP) transactions, on the other hand, refer to online purchases or phone orders where the card is not physically present. This type of transaction is more susceptible to hacking due to the lack of a physical card to verify.

It takes just 6 seconds for a cyber thief to drain your credit card account. This is because most credit cards don't have a built-in delay to prevent rapid transactions.

If a hacker gets your credit card information, they can make multiple transactions in a short amount of time, often using a technique called "card skimming" or "card cloning".

In some cases, hackers can even use a technique called "phishing" to trick you into revealing your credit card information.

The average credit card transaction takes only 2-3 seconds to process, making it easy for hackers to make multiple transactions before you even realize your account is being drained.

Credit card companies often have systems in place to detect and prevent suspicious activity, but these systems can be bypassed by sophisticated hackers.

Consider reading: Do Too Many Credit Cards Hurt Your Credit

Form jacking is a type of cyber attack that's similar to malware or spyware. Hackers use form-jacking code to inject website forms with spyware, which steals your credit card details when you fill them up.

You should be careful while filling up website forms, especially if you can't trust the source. It's better to avoid sharing sensitive information altogether.

Preventing form jacking requires some caution, but it's worth it. You can leverage identity theft protection services to monitor your finances and receive fraud alerts.

SIM Swapping is a sneaky trick where cyber criminals call up your mobile operator, pretending to be you, to get a duplicate SIM card and take control of your number. They might ask the operator to deactivate your original number, making it easy for them to create new IDs and get OTPs for online transactions.

Awareness is key to preventing this threat, so if you receive any warning from your operator about duplicate SIM requests or your number gets blocked suddenly, report the issue immediately. This will allow your service operator to investigate and take necessary steps to secure your account.

Phishing is one of the most popular techniques for cybercriminals to steal data, with phishing hitting an all-time high in Q1 2022.

Phishing is a con trick in which hackers masquerade as legitimate entities to trick you into divulging your personal details or downloading malware. They often encourage users to click on a link or open an attachment.

Scammers have evolved their tactics, and instead of emails, they now use malicious texts (SMS) from hackers pretending to be trusted organizations, such as delivery companies or government agencies. SMS phishing, also known as smishing, more than doubled year-on-year in 2021.

Scammers may also call you up, pretending to be trusted sources, with the aim of obtaining your card details. Voice phishing, also known as vishing, surged in 2021.

Digital skimming is a sneaky way hackers steal your credit card info. They install malware on payment pages of e-commerce sites, making it invisible to you.

These skimming tools will quietly take your card details as you enter them, and there's not much you can do to stop it.

Shopping with big-name brands and websites might be a safer bet, as they're likely to have stronger security measures in place.

A fresh viewpoint: How Does Skimming Credit Cards Work