Cyber security becomes of utmost importance at a time when the world is dependent on the Internet to perform various functions during the pandemic. Financial transactions are always the target of malicious hackers. A report released by NordVPN reveals that using a computer, an average payment card can be hacked in just six seconds.
The global VPN service provider used by millions of Internet users worldwide analyzed four million payment cards from 140 countries and found ‘brute force’ to be the most common way to hack payment cards.
This type of attack is incredibly fast and can be executed in a matter of seconds.
Marijus Breedis, chief technology officer at NordVPN, said, “The only way that such a large number of payment cards have appeared on the dark web is through brutality. This means criminals try to guess the card number and CVV.”
Byrdis said the first 6-8 digits are the card issuer’s ID number. “This gives hackers 7-9 numbers to guess because the 16th digit is a checksum and is only used to determine whether there was a mistake while entering the number. Using a computer Such an attack may only take six seconds.”
Byrdes said that in order to guess the nine digits needed for a complete card number, a computer has to go through a billion combinations. “And, it would only take a minute for a typical computer, which might try about 25 billion combinations per hour.”
However, depending on the card issuer, a delinquent may only need seven digits to guess correctly. “In this case, six seconds would be enough,” he said.
What Debit, Credit Card Users Can Do
Byredis said card users need to review their monthly statements for suspicious activity and respond promptly and seriously to each security notification from your bank.
“Another recommendation is to have a separate bank account for different purposes and only keep a small amount of money in the one to which your payment card is linked. Some banks also offer temporary virtual cards that you can use if you don’t feel secure while shopping online.”
In September last year, the Reserve Bank of India (RBI) also warned the public against the increase in fraudulent activity.
The central bank, in a tweet on September 13, cautioned people against bank frauds involving Know Your Customer (KYC) documents. The apex bank in its tweets and press release warned people against sharing their personal account related information with scammers.
The central bank also said that people should not share certain personal details such as login information, card details, PIN numbers or even one-time passwords.
In a tweet issued by RBI, it has been said, ‘RBI cautions against fraud in the name of KYC updation.
In a statement, the RBI also said, “The usual modus operandi in such cases includes receipt of unsolicited communication, e.g., calls, SMS, emails etc. by the customer urging him to share certain personal details, account/login. details / card information, PIN, OTP, etc. or establish some unauthorized / unverified application for KYC updation by using the link given in the communication.”
It added that such communication also contains information threatening to freeze/block/close the account. “Once the customer calls/messages/shares information on unauthorized applications, the fraudsters gain access to the customer’s account and defraud the same.”
The apex bank said, “Members of the public are hereby cautioned not to share account login details, personal information, copies of KYC documents, card details, PIN, password, OTP etc. with unknown persons or agencies. “
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