Cases of Credit Card skimming are expected to increase this festive season. Here’s what it is and what your customers or policyholders need to know about the cyber threat.
What is Credit Card skimming?
Credit Card skimming is a method criminals use to steal bank card details to commit fraud. Credit Card skimming is a technique that has been around for some time and can be seen in both the physical and digital realm.
Physical credit card skimmers are devices that disguise themselves as legitimate credit card terminals. When a payment is made, the data inputted by the consumer is passed to criminals, allowing them to use the details to make payments.
Online credit card skimming is the same in principle but applies to the digital world. In this scenario, credit card skimmers will sit on a merchant's website, unknowingly to the merchant, and will steal the consumers' bank card information when they go to make a purchase.
In both scenarios, digital or physical, the skimmers can be very hard to spot.
How do credit card skimmers end up on e-commerce websites?
As with other types of malware, these end up on e-commerce websites due to unauthorised access. Hackers could gain unauthorised access in different ways, such as social engineering or by exposing a vulnerability.
Particularly with smaller online stores, cybersecurity can often take a backseat. SMEs are a popular target for hackers as hackers know that their defences are often less sophisticated than the likes of the bigger enterprises, which often have full teams of people in their cybersecurity department.
How can my customers protect themselves from credit card skimmers?
There may not always be obvious indicators, but consumers can take certain actions and be watchful.
1) Only use secure websites: a good first step is for your customers to analyse whether the website is secure. They can establish this by looking out for a https:// at the start of the URL.
2) Keep software updated: this applies to both personal and business customers. They should ensure that antivirus software, browsers and operating systems are up to date. Businesses should also ensure that they monitor for vulnerabilities and patch them immediately.
3) Maintain scepticism: phishing attempts are among the most common attack entry points. Consumers and businesses should maintain a high level of scepticism and should be in the habit of thoroughly analysing communications before engaging with them, particularly when these involve clicking links or supplying information.
4) Monitor accounts: consumers and businesses should continuously monitor accounts to watch for suspicious activity.
5) Use a secure network: for consumers, it’s important that they always use a secure, private connection and avoid public networks that could leave their data exposed.
6) Use a cyber risk management tool: cyber risk management tools are designed to help your customers manage their cyber risk. Cyber Xpert scans devices for outdated software and vulnerabilities, unsafe connections and personal data records that have been leaked. Breach Defence scans businesses for vulnerabilities and early indications of attacks by monitoring hacker forums, scans for high-risk open services and also checks for employee emails included in data breaches. Both products also include education for consumers and employees to help educate them on becoming more cyber-aware.
Want to find out more?
Credit card skimmers are only one of the many cyber threats that can affect your personal and business customers or policyholders. Our advanced software and threat intelligence can help you protect your customers through proactive cyber risk management. Our products are integrated into insurance, bancassurance, and assistance programs worldwide, generating new revenue streams for our clients while simultaneously enhancing profitability.
To find out more about how our software can support your customers or policyholders, get in touch with our team for more info: info@dynarisk.com