Hackers Increasingly Target Credit Cards: NordVPN

In an era where technology permeates every aspect of society, safeguarding financial security has evolved from an individual responsibility to an urgent industry imperative that banks must address. A reliance on vulnerable platforms and digital services has become inevitable, protecting digital information becomes critical, warns NordVPN.

Merely safeguarding physical credit card no longer guarantees financial safety. If one has engaged in any digital transactions, it is highly likely that their card information is now floating amid a sea of compromised data. A comprehensive study conducted by NordVPN revealed a staggering reality: two out of every three credit cards worldwide are pilfered digitally rather than physically.

This alarming statistic underscores the pressing need for banks and companies across the globe to take cybersecurity concerns seriously to protect their customers. Among the 6 million stolen cards analyzed by NordVPN, a startling 37,593 cards had their Security Code and expiration dates readily accessible. This critical information allows hackers to carry out online transactions without raising suspicion from the banks' security systems.

The perils associated with credit card theft extend beyond financial losses. Gaining digital access to a credit card also means acquiring sensitive client information, including addresses, telephone numbers, dates of birth, and social security numbers. NordVPN's research reveals that these breaches of information impacted over 20,693 addresses, 11,829 telephone numbers, 208 dates of birth and 188 social security numbers.

In Mexico, an estimated 340,000 credit cards were traded on the dark web, as reported by NordVPN. While this figure may seem substantial, Mexico trails behind the US, the primary target of credit card hackers, with over 500,000 stolen credit cards. Regrettably, “while 2022 witnessed the highest number of cyberattacks in Mexico, it also coincided with the country’s lowest record investment in cybersecurity since 2016,” as reported by MBN.

However, the relative hacker indifference toward Mexican credit cards in the dark web market can be attributed to their lower value "Mexican credit cards are relatively inexpensive given the country's financial situation. Cybercriminals do not perceive sufficient profitability in hacking Mexican cards, leading to decreased demand," explains Marijus Briedis, CTO, NordVPN. While the average price of a card is MX$197.25 (US$10.39), a Mexican credit card can be acquired for as little as MX$52.27 (US$3.33) on the dark web, making it less appealing to hackers worldwide.

However, while the US and Mexico face heightened risks of cyberattacks, reports gathered by NordVPN indicate that Russia and China are less susceptible to such threats, which might suggest that a significant portion of global hackers operates from within these countries.

Implementing a robust and versatile cybersecurity system within any bank is imperative to shield customers from the ramifications of cyberattacks, which not only impact clients’ finances but also pose risks to their personal well-being.