Broker Check

Online Skimming Threats

October 30, 2020

As social distancing has increased electronic activities, criminals have adapted their technology to steal information.

According to a post by security firm Halock, in 2020 online purchases have increased  for all types of merchants. In the second quarter over one dollar out of five was spent online - a 44% increase. Internet usage increased 70%.

Criminals have been using skimmers on credit card readers to steal information. Merchants combat this by using chip card technology to avoid the need to swipe cards. Now criminals are using "shimmers" known as Magecart for digital card attacks. Hackers inject code into e-commerce sites to scan payment details. These types of attacks can go undetected for weeks or months. Victims have included British Airways, Warner Music, Google Analytics and the American Payroll Association.

Organizations need to stay informed about the latest security threats and adapt accordingly.