In today’s digital generation, numerous kinds of cards have become an effective means of online payments. Unfortunately, this has also resulted in an upsurge in the number of online fraudulent activities taking place every month. This brings us to the question as to what security methods have been initiated to ensure a safe and secure cashless transaction process?
In a shocking new method of cyber-crime, it has been discovered that it may take as little as six seconds for hackers to guess your debit or credit card number, security code and expiry date. This information was stated by experts who were able to circumvent all security features meant to protect online payments from fraud.
Divulging the flaws in the card system further, they found that neither the bank nor the network were able to detect attackers making numerous, invalid attempts to get payment card data.
By systematically and automatically creating different variants of the cards security data and firing it at several websites, within seconds the hackers are able to ‘nail’ the precise data and verify all the required security statistics.
How does ‘Distributing Guessing Attack’ work?
The attack utilizes the reply (negative or positive) of the web merchant’s payment page to predict the data. It primarily exploits two weaknesses. Firstly, the current payment systems don’t identify numerous invalid requests on the same card from different websites. It indicates that limitless predictions can be made by “distributing” the guesses over lots of websites. Secondly, as different merchants offer several fields for inserting data, the attack scales well and the hacker can use the guessing attack to get data from one field at a time.
These two characteristics make things really easy for the attackers to get hold of all the card details. Scarily, this attack can be launched within seconds on countless payment pages. With the assistance of elimination, the security code, CVV number and correct card number can be verified.
In order to boost personal security, experts have suggested that the card-holders should minimize their spending limit to as low as possible and also to only use a single card for online payments.
Fortunately for us security measures have been beefed up against ‘Distributing Guessing Attack’ to prevent it from causing any further damage. If you apply for a credit card online ensure that you’ve done your end of the research, cyber-crimes are on the rise, as there are new incidents popping up every month. Try preventing the use of multiple cards, pick a best credit card that suits all of your needs and only utilize that one. Keep on monitoring it by checking credit card status online, this will help you keep a track of your transactions. Follow these few pointers and you will have a systematic and secure method of cashless transaction.