How to protect your bank account

Spain has become the latest target of a growing wave of cybercrime known as carding.

Fraudsters use stolen credit card details to purchase goods and services online, leaving unsuspecting victims with empty bank accounts. As technology evolves, so do the tricks used by criminals, and carding has emerged as one of the most concerning cyber threats affecting consumers and businesses alike.

What is carding and how does it work?

Carding is a form of credit card fraud where criminals use stolen card information to make unauthorised purchases. First they test the stolen card details by making small online purchases to check if the card is still active. Once the card is confirmed as working, the criminals proceed to make larger, more significant transactions.

Most Read on Euro Weekly News

Carders obtain credit card information through various illegal methods, including phishing scams, data breaches, and even buying card details from the dark web. Once the information is stolen, they make unauthorised purchases online or sell the details to other criminals. In some cases, carders use the stolen information to purchase expensive items and resell them on the black market.

Carding scam’s impact on Spain

According to recent reports, the carding scam has found fertile ground in Spain, as online shopping continues to gain popularity. A study by Europol highlighted that Spain is among the European countries experiencing significant growth in online fraud cases. In 2023, over €1 billion was lost to credit card fraud across the continent, with Spain contributing a notable share of these losses​.

Experts warn that the widespread use of e-commerce platforms and online banking in Spain has made both consumers and businesses easy targets for these scams. Carders tend to target popular online stores (like Amazon) that offer services such as home delivery, taking advantage of weak security measures in certain platforms to exploit stolen credit card data.

How to protect yourself from carding scams

Vigilance is essential. Monitoring your credit card and bank accounts regularly will help you detect any unusual or unauthorised transactions early on. You should also enable two-factor authentication (2FA) whenever possible, especially for online purchases and account logins. This extra layer of security makes it harder for fraudsters to access your accounts.

When shopping online, always ensure the websites you use have secure connections, which can be identified by “https” in the URL. Additionally, avoid making purchases over public WiFi networks, as these are often unsecured and could expose your financial information to hackers.

It’s also a very good idea to use prepaid cards for online transactions. Prepaid cards, or debit cards that you load with a limited amount of money, offer an extra layer of security. By using these cards instead of your main credit or debit cards, you reduce the risk of significant financial loss if your card details are stolen.

While banks and retailers are increasingly implementing stronger authentication measures and enhancing their security protocols to combat carding, staying informed and cautious is still the best defence. By taking these precautions, you can help protect your financial data from falling into the hands of cybercriminals.

Find more Euro Weekly News.

Source link : http://www.bing.com/news/apiclick.aspx?ref=FexRss&aid=&tid=6712d99d909f4fe0b0502844b0ec14ad&url=https%3A%2F%2Feuroweeklynews.com%2F2024%2F10%2F18%2Fcarding-scams-hit-spain-how-scammers-can-empty-your-bank-account-in-a-single-click%2F&c=988188640198590373&mkt=de-de

Author :

Publish date : 2024-10-18 11:13:00

Copyright for syndicated content belongs to the linked Source.