payment fraud

Cyberthreats are already difficult as is when cyber criminals aren’t trying to steal your hard-earned money. With increasingly advanced technology on the rise, hackers are now using data from online payments to steal valuable information during a security breach. Online payments make up about 41.8% of all payments done worldwide. You can be sure that there are many opportunities for fraud to occur during this type of payment. Continue reading to learn how you can make sure your credit or debit cards are protected from hackers when making online payments.

Digital Payments are Twice as Common as Payments Made by Card

With today’s technology, many people utilize digital wallets due to its convenience and ease of use. Digital wallets are used almost twice as much as the rate of card payments. Many retail stores and restaurants are switching to a more digital format of payment and are accepting digital walletss. Unfortunately, the system has its flaws; thus, making it easier to exploit by hackers. 

Lately, because of the advancement in technology, digital payments have been known to compromise personal and sensitive data, such as full names, social security numbers, dates of birth, and other similar information including addresses, medical histories, and drivers’ licenses. 

Cybercrime Threats Are Becoming Ever So Common

With some exceptions, the majority of the cyberattacks and vulnerabilities have either stayed consistent or decreased over time. The exceptions to this include phishing scams, ransomware, and malware. Over the last few years, from 2019 to 2021, the largest increase in attacks came from those three mentioned earlier: phishing scams, ransomware, and malware. On the other hand, the Identity Theft Resource Center reported that most, but not all, cyberattacks or vulnerabilities have either decreased or stayed constant during this same time period.

There’s a statistic that could potentially be the most worrisome for your clients. The most commonly stolen information in 2021 included victims’ full names which were involved in 1,803 breaches, full social security numbers that were found in 1,136 breaches, and date of birth which were involved in 688 breaches. This statistic can be quite concerning for most people since recent data proves that hackers can obtain really personal information from people and attempt to steal their identities or use their personal information for other means.

Protect You and Your Clients’ Personal Data and Information Today

You should not have to worry about whether or not your, your employees, or your clients’ personal and sensitive information is being misused by hackers or cyber criminals as a result of a security breach. At 4 Corner IT, you can help your company as well as your clients in preventing security breaches and protecting personal information by using our IT services to assist in properly securing your IT infrastructure. To learn more or for any additional questions, reach out to us today at 954.474.2204.

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