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In an era of digital transactions and online shopping, it’s no secret that financial fraud has adapted and evolved. Physical theft is no longer the sole means of pilfering credit cards, and, worryingly, your credit card may be spending time in another person’s ‘virtual’ wallet without your knowledge.
Thieves have changed their tactics to match the digital times. Thousands of credit cards are stolen every day not from physical wallets, but via sophisticated schemes such as manipulated ATMs, phishing scams, compromised point-of-sale (POS) systems, and hacked webservers.
Once stolen, these credit card details often end up on the dark web, an encrypted network hidden from the conventional internet. This underworld marketplace is a perfect platform for trading stolen credit card information, often sold in batches at surprisingly low prices.
Stolen credit cards are then misused, but not always as you might expect. Rather than making large purchases that could trigger fraud detection systems, criminals often use a more subtle approach.
It’s crucial to maintain good cyber hygiene to avoid falling victim to such scams:
Understanding that your credit card can end up in someone else’s wallet is the first step towards secure financial habits. Knowledge of these illicit methods empowers you to protect yourself better and helps raise collective awareness about these digital threats. Remember, it’s in your hands to prevent your credit card from becoming someone else’s shopping spree.