oppn parties Indian Credit and Debit Card Data Up For Sale On The Darkweb

News Snippets

  • T20 WC: USA enter Super Eights as their last match against Ireland gets washed out. They were ahead of Pakistan in the points tally. Pakistan were eliminated
  • T20 WC: USA enter Super Eights as their last match against Ireland gets washed out. They were ahead of Pakistan in the points tally. Pakistan were eliminated
  • BJD leader and former Odisha CM Naveen Patnaik said that the criticism of his aide V K Pandian is "regrettable"
  • As more than 20 BJP ministers lost in the recent elections, the new Union cabinet will have many new faces from the party
  • Congress Working committee asks Rahul Gandhi to take up the position of Leader of Opposition in Lok Sabha. Gandhi says he will consider the request
  • RBI governor Shaktikanta Das said that gold was shifted to India as the quantum of RBI gold abroad had increased due to recent purchases
  • Delhi HC rules that submitting photographic evidence of adultery will not be enough, they will have to be proved as authentic in the age of deepfakes
  • A four-member panel will review NEET-UG results of 1563 candidates to check if they were given extra marks for exam time loss
  • Mamata Banerjee says her party will not join Modi's oath-taking ceremony. Also says INDIA bloc might stake claim to form government later
  • K C Tyagi of the JD(U) dropped a bombshell when he said that Nitish Kumar was offered the post of prime minister for switching sides. Opposition leaders rubbished the claim
  • This May was India's hottest month in 36 years says IMD
  • T20 WC: India take on Pakistan today. Telecast to begin at 8pm IST
  • T20 WC: Afghanistan stun New Zealand and Bangladesh win against Sri Lanka
  • T20 World Cup: Australia beat England by 36 runs. This spoils England's chances of making the playoffs as they have lost both their matches till now
  • Heat wave continues in the country as monsoon moves slow
G7 commits to promote India-Europe corridor
oppn parties
Indian Credit and Debit Card Data Up For Sale On The Darkweb

By Linus Garg

About the Author

Sunil Garodia Linus tackles things head-on. He takes sides in his analysis and it fits excellently with our editorial policy. No 'maybe's' and 'allegedly' for him, only things in black and white.

In an alarming piece of news, it has been reported that skimmed data of more than 13 lakh debit and credit cards of Indian nationals is up for sale in the Darkweb marketplace called Joker's Stash. This data can be purchased and used to carry out online transactions. The data thieves skim the details of the users in various ways, the most common being when they use ATMs or POS machines.

It is most distressing that the sellers of the data are claiming to have both track-1 and track-2 data and both together can be easily used to make online transactions. The data dump has been detected by Group-IB, a Singapore-based firm that specializes in detection and prevention of cyber attacks.

That such a huge amount of data has been stolen and put up for sale clearly shows that data thieves and skimmers are operating on a large scale and an organized manner in India. This makes Indian card holders, whose number is rising exponentially as the government pushes for a cashless economy, vulnerable. Anyone of them can find their bank accounts drained or can face huge credit card bills.

The worst thing is that since the actual credit or debit card has not been stolen, the cardholder cannot lodge a complaint either with the issuer or with the police unless a fraudulent transaction is first made on the card. But that one transaction needed to lodge a complaint might drain out the savings of a lifetime. Hence, the cardholder actually does not have a remedy against such data theft without losing a huge amount of money to these fraudsters.

If the government wants a cashless economy, it has to address this issue. If people start losing money to data theft, they will stop making debit or credit cards and start relying on cash as before. It will burden the banking sector and create problems for businesses that depend exclusively on online transactions. Data thieves have become very smart and can clone mobile sim cards to get the OTP sent by issuers as the second or third step verification. Hence, additional, and hopefully foolproof, security is needed to ensure the safety of payment cards.

image courtesy:gbhackers.com