Credit cards are now the most common form of payment in the western world (largely due to the increase in use of credit cards online), and as a result, criminals are making the move from pick pocketing and purse snatching to cyber data theft. Cyber criminals use sophisticated hacking techniques to break through the security systems of businesses and financial institutions and steal their clients’ credit card numbers and personal information. Over the past few years, most hackers have targeted small businesses with lax security, where they have a smaller chance of getting caught, but recent large-scale online data thefts are prompting concerns that hackers are getting bolder.
The recent theft from Global Payments is significantly different from credit card thefts that have occurred over the last few years. The third-party transaction processor for Visa and MasterCard was the target of a massive online attack in which hackers made off with as many as 1.5 million credit card numbers. Following the theft of personal data from 24 million Zappos customers in January 2012, security analysts are concerned that the recent large-scale thefts mark a change in criminal activity trends. While huge thefts generate a lot of money for criminals, they also attract a lot of attention, thus giving them a much higher risk of getting caught. The theft from Global Payments is considered a massive breach of security in comparison to typical data theft trends over the last several years.
Data for 3.4 million credit cards was stolen last year, with 95% of those thefts occurring from small businesses. Cyber data theft trends over the last few years have shown that hackers often target smaller businesses, and thefts from financial institutions have significantly declined. While the theft from Global Payments is the first successful cyber theft from a financial institution in years, analysts are noting that the target was a third party institution rather than a direct source. While hackers may be getting bolder by executing large-scale thefts, they are seemingly still wary of attacks on banks and credit card companies with sophisticated security systems.
The recent theft from Global Payments is serving as a wake up call for credit card providers and banks to streamline their security requirements. Following the security breach, Global Payments was immediately removed from the list of providers that fulfill Visa’s data security standards. Despite security breaches resulting in online data theft, cardholders can rest easy knowing that their banks will have them covered. Canada.eCreditCards.com allows you to research and apply for credit cards online from a number of providers that offer fraudulent purchase protection. You can browse through a number of different credit cards online, and choose one that suits your lifestyle as well as your security needs. With Canada.eCreditCards.com, it’s easy to find the card that will give you the most rewards, and keep your money safe.