Credit Card Payment Fraud & How to Avoid Theft
Security and compliance often appear to go hand-in-hand these days. Problematically, many companies start with compliance then reverse-engineer security in a nearly futile attempt to protect data. In the payment card industry, the Payment Card Industry Security Standards Council (PCI SSC) established PCI Data Security Standard (PCI DSS) which sets the “gold standard” for compliance. Meanwhile, despite meeting the compliance standard, cardholder data (CD) remains a primary target for cybercriminals . By understanding the seedy underbelly known as the Dark Web and the way Cybercrime-as-a-Service (CaaS) works, merchants and payment card processors can better secure CD from fraud and theft. What is payment card fraud and why is card information so valuable? Payment card fraud, also known as credit card fraud, is defined as the unauthorized use of a credit card, debit card, or similar payment tool. Cybercriminals often fraudulently utilize payment data to steal money or property from t...
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