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How to Protect Credit Cards from Cyber Fraudsters?

2016-10-11

Category : Web Security

For online purchases, use of Credit Card is a common thing now a days. Use of credit card is very secure because it is based on advanced EMV technology. EMV is a technical standard of credit cards and debit cards which allow the cards to store information in integrated circuits. EMV is representing to three payment card industry giants Europay, Mastercard and Visa. These three companies are managing standards of payment card industry. Now China UnionPay, American Express, Discover and JCB are also working with EMV to manage payment card standards. So now it is EMVCo, a consortium of all above mentioned countries.

"But the fact is, hackers are misusing the credit card details of users to make unauthorized purchases. The question is, from where hackers are getting payment card details of users?"

Well, we are talking about hackers here. They are expert in their work as well. They are using social engineering attacking methods to manipulate users to get the details of his/her credit card. They are using fake websites, which look likes the legitimate shopping websites and other e commerce websites. Moreover, they are stealing these details from user’s devices such as mobile phones, computers and external storage devices. The worst case is, when hackers breached the database of a company which contains credit card details of its millions of users. According to a report of payment industry, in 2015 there was an increment of 30% in the cases of online fraud attempts. E-commerce companies are also using advanced security techniques to avoid cyber fraud. If you are doing any business in which you are taking or giving credit card details, then following security tips could be helpful for you to protect credit card from hackers:


Credit Card Security Tips for Sellers


Use of Tokenization

Tokenization is a security method which is one step ahead from encryption. It changes the sensitive information (Card Number, User Name, PIN and CVV etc) into a token, which is only understandable for server. A token is useless outside the network. If hackers are intercepting a tokenization based network, even then they can’t use it. So there is need to implement this feature on processors.


3D Secure Technology

Both MasterCard and Visa are offering this technology. It is an ultimate solution to prevent online fraud. When user enters his card details on the card, he got a personal 3D secure code on his registered number. Without entering that number, user is not capable to make payments.


IP Filtering 

It is a method to block the suspected IP addresses. If you are noticing that someone o trying to do fraud, you can block him/her immediately. Additionally, it is a method to block traffic from some particular regions and countries. If you are not providing services in some particular countries, you can block them to reduce the headache of your server.


Credit Card Security Tips For Users

  • Do not add your personal information on social media. Only add that information, which is enough to introduce you. Hackers can use that information to bypass your security questions.
  • Learn to differentiate a legitimate and fake website. You need to check domain address of a website, before entering payment card details. Hackers are using fake websites, which are hard to detect for a normal users. For example: https://www.usbank.com is the legitimate website if US Bank. Hackers could use domain name such as www.bank.us.com and www.bankofus.com etc. Moreover, always check “https” protocol before domain name.
  • Do not store your card details in laptops or other devices. If any of your friend or unknown person get the access of a device, he can steal this information. If you want to store it, then always set password for its physical security.
  • Update all the devices to its latest version, where you have stored you credit card information. An old version device is always a malware. Hackers can steal your information by exploiting security loopholes of outdated device.
  • Avoid adult websites and dating websites. Only 10% websites of these type are legitimate, rest of all are the home of hackers and scammers.
  • Keep yourself up to date with the technology. If you are using technology, then it is your duty to know about the risks, advantages and disadvantages of technology. Follow the expert people and read articles and blogs related to credit card industry and cyber security news.













     

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