Credit Card breaches are no joke. While merchants have the obligation to take steps to avoid such breaches, sometimes their efforts fail. Millions of people are exposed every year as a result of compromises to their bank accounts and credit cards.
These breaches cause us stress and consume precious time as we work to resolve the problems the theft has caused. They sometimes make us lose trust in our service provider and we hesitate to continue our relationship with them.
In this article we explain what motivates hackers, share some specific examples and statistics on financial data breaches and show you ways you can protect yourself. Finally, we share a new payment product designed to protect your data while providing more convenience than a credit card online. It is a simple idea with a great impact, unlike anything we have uncovered to date.
What Motivates Hackers
According to one of the world’s data trackers, Syncsort, hackers have four reasons to want consumer data.
Infastructure Stealing - hackers “squat” on technology paid for by someone else
Ransomeware Attack - hackers kidnap corporate data, and demand a ransom for it’s return
Identity Theft - hackers steal personally identifiable information to commit fraud
Just Because - hackers are showing-off, proving to someone what they can do
IBM conducted a study in 2019 that found that average lifecycle of a breach was 279 days with companies taking 206 days to first identify a breach after it occurs and an additional 73 days to contain the breach. That is a long time for private data to be in the wrong hands.
Volume and Growth of Data Breaches
Here are just a handful of breaches that have occurred since 2007:
- TK/TJ Maxx: 94 million records compromised in 2007
- Sony PlayStation Network: 77 million records compromised in 2010
- Sony Online Entertainment: 24.6 million records compromised in 2011
- Target: 70 million records compromised in 2013
- eBay: 145 million records compromised in 2014
- Home Depot: 56 million records compromised in 2014
- JP Morgan Chase: 76 million records compromised in 2014
- Quora: 100 million users compromised in 2018
- Capital One: 106 million customers in 2019
The truth is that these breaches are becoming more widespread and represent a risk that we all need to take ownership of.
There are many things you should do to keep yourself safe:
- monitor your credit regularly
- use two-factor authentication
- shred confidential documents
- don’t leave your snail mail exposed
- don’t use credit cards on public websites
- be smart with your personal data, giving it out only to trusted sources
- report any suspicious activity as soon as you notice it, and cancel your credit card
- consider a paid service that assists you with the administration of your personal data
- prevent fraudulent loans: put your credit report on “frozen” until things are sorted out
- use smart passwords: make them complicated, do not reuse passwords, and keep them private
Another Cool Way to Protect Yourself
GiraffeSpot has found a new way that you can protect your privacy from these malicious hacks. A simple idea is often a great idea, and the Privacy Card proves this to be true.
The team at Privacy is on a mission to build elegant, usable software that protects your privacy and security. They believe that you deserve the best. The Privacy product allows you to protect yourself online without sacrificing convenience and ease of use.
Other cards work online. The Privacy card lives online. Set per-website charge limits, pause and block unwanted payments, and generate new card numbers with a click. Gain peace of mind with Privacy, the online card that protects your money and gives you full control when shopping online.
Each time you use the Privacy card, you get a unique card number that only works at each individual merchant. Not only that, but you can turn off subscription services with a single click when you make use of the Privacy card.
Privacy is free to the consumer, it is the merchants that pay when you utilize it in their business, just like other credit cards. Privacy sends instant alerts and emails when you make a transaction, so if you get an alert and you didn’t make a transaction, you know right away. You don’t even have to take your card out at payment. Just click a payment button and your payment is made. Simple yet incredibly powerful.
As the number of credit card breaches increase, it is the joint responsibility of merchants and consumers to do whatever they can to protect personal data. You can take simple steps to protect your data from hackers by using a commonsense approach to managing your passwords and credit card transactions. Get yourself a Privacy card and step up your efforts to protect yourself from hackers, while also to freeing yourself from being under the merchants’ control. As it is free to you, it is a no-brainer.