Here is what happens when your credit/debit card number, name and CVV end up on the dark web

Data is the new gold and there are a lot of thieves who are stealing it. From time to time, debit card and credit card information is stolen as well. Earlier this month, a report revealed that over 4 lakh Indian debit and credit cars were being sold online, for $9 each.

This is not the only instance when Indian debit and credit cards were spotted on the dark web. Last year, Group-IB found over 13 lakh Indian debit and credit cards on sale on Joker’s Stash, a dark web underground card shop.

You must be wondering how debit and credit cards end up on the dark web and why. In this post, we will explain how your financial data ends up on the dark web and how it is misused.

How do debit and credit cards end up on the dark web?

There are several ways how your debit and credit card information could be stolen and sold on the dark web. The most common methods include hacking into businesses, card skimming, installing malware on your devices and using fake websites.

As per Group-IB, the recent breach of “data is likely to have been compromised online — with the use of phishing, malware, or JS-sniffers.”

What happens when your debit and credit card info reaches the dark web?

When card information is stolen, the thieves make a ‘database’ or a ‘dump’ of the information to make a sale. The card details are sold with the necessary details to make the purchase, such as the card number, card holder’s name and the CVV number.

It must be noted that while the transactions that are routed through Indian payment gateways require a second layer of authentication in the form of OTPs, this layer is not mandatory for payment gateways outside of the country. In most instances, the card number, CVV and the expiration date is enough to complete a transaction. This allows your stolen card to be used by scammers for completing unauthorized transactions.

Stolen cards are often used to purchase prepaid cards and other online services as a lack of address makes it harder to trace, allowing the person to use the card for a longer period. Some thieves also use the cards to make small insignificant purchases over a long period of time to avoid getting caught.

See also:

Biggest data leaks of 2019 that hit Indians

4 lakh Indian debit and credit cards are selling for $9 apiece on the dark web

Bank details of 1.3 million Indians is up for sale on the dark web