There has been a mass amount of credit cards that scammers were unobtrusively charging in the amount of $9.84. People are so used to using credit cards that it is the ultimate type of transaction used. The credit card holders in most cases get their bank account statements and briefly scan over them. A measly $9.84 could easily be overlooked when a credit card is the primary source of payments. That means the statement could be pages long if someone is using their credit card to purchase all of their assets and pay for all of their expenses. This amount is small and can easily be ignored on personal or business bank statements.
There are very few people who do not have a bank account or use credit cards. In this day and age people are slowly weaning out the dollar bill and the present is headed quickly towards a totally paperless society. Many do not realize the risk that they take when making the choice to transact with plastic instead of paper notes. A dollar bill does not hold personal information that can easily be compromised. The utilization of bank accounts and credit cards are just asking for someone to confiscate the wealth within it.
The Better Business Bureau state the ones who are scamming people and charging their stolen credit card numbers small amounts can dodge companies from investigating the fraud aggressively. A large amount of money stolen would send a red flag to companies who would then terminate that specific account preventing further theft. The possibility of them even noticing that there is a scammer amidst somebody’s personal finances is if the quantity is a considerable amount. Any minuscule measure confiscated from someone’s account is less likely to raise any type of red flags. Ever since the big attack on credit cards at Target stores where more than 70 million customers had their card numbers stolen, financial companies have cracked down on account holders wealth security.
The Target attack was one of the largest breaches of United States customer information. It was worse than the attack in 2007 on the T.J. Maxx and Marshalls stores where approximately 45 million consumers had their data stolen. The Target breach continued to just about all of the Target stores. The scammers collected all of the data from the magnetic strips in order to do what credit card scammers do and make counterfeit cards. The process is called “track data” and is widely used in the black market. It collects all the important information that is saved in the magnetic strip including the customer’s name, card number, expiration date and the security code.
As much as people do not want to go back to using the paper note, whether it is because it is too much to keep track of or because it is impossible to make transactions through the web, it may be a wise decision. Hackers are extremely skilled in what they do and cyber-attacks have been happening more than ever. The only reason they found the $9.84 attack on mass credit cards is because they have cracked down on security ever since the Target incident has happened. Although security may have a tighter grip on securing people’s wealth, with technology these days, there is always a way to circumvent the barrier.
Editorial by Brittany Varner-Miller