oppn parties Indian Credit and Debit Card Data Up For Sale On The Darkweb

News Snippets

  • Government data placed in Parliament shows a sharp decline in job creation under its flagship employment generation schemes
  • The government is working to amend the Aadhar Act to make it possible for the Aadhar to be linked with the Voter's ID. Election Commission will simultaneously be empowered to link the two
  • Tapas Pal, former TMC MP, dies of cardiac arrest in Mumbai. He was questioned for his alleged involvement in the Rose Valley scam and gained notoriety for his rape remark in 2014.
  • Bypoll to panchayats in J&K, scheduled for March in eight phases, postponed due to security concerns.
  • Supreme Court says that overhead power transmission lines going through the Desert National Park in Jaisalmer in Rajasthan must go underground to save the Great Indian Bustard and the Lesser Florican
  • Pakistan not placed in FAFT blacklist but kept on the grey list with warning
  • The government is expected to announce duty cuts and other measures to combat business disruption due to coronavirus outbreak in China
  • South-East Asia loses its charm as a tourist destination after the coronavirus outbreak in China, airfares dip to new lows
  • DMK leader RS Bharathi says media is running like the red light area in Mumbai
  • A Delhi court issues fresh warrants for the hanging of the Nirbhaya convicts. Fixes the date for March 3
  • Supreme Court appoints a mediation team to ask Shaheen Bagh protestors to avoid blocking the road and shift to another venue
  • Supreme Court says peaceful protests cannot be denied in a democracy but also says that a balance must be struck as protestors cannot be allowed to block roads
  • Telcos pay part of their dues for AGR after the bashing from the Supreme Court
  • Debbie Abrahams, a Labour MP from UK, who was critical of India's action in Kashmir, not allowed to enter India. She was deported to Dubai from the Delhi airport
  • Sidharth Shukla wins Big Boss 13
Former principal secretary to PM Modi, Nripendra Mishra, appointed to head the temple committee of the Ram Janambhoomi Teertha Kshetra Trust
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Indian Credit and Debit Card Data Up For Sale On The Darkweb

By Linus Garg

About the Author

Sunil Garodia Linus tackles things head-on. He takes sides in his analysis and it fits excellently with our editorial policy. No 'maybe's' and 'allegedly' for him, only things in black and white.

In an alarming piece of news, it has been reported that skimmed data of more than 13 lakh debit and credit cards of Indian nationals is up for sale in the Darkweb marketplace called Joker's Stash. This data can be purchased and used to carry out online transactions. The data thieves skim the details of the users in various ways, the most common being when they use ATMs or POS machines.

It is most distressing that the sellers of the data are claiming to have both track-1 and track-2 data and both together can be easily used to make online transactions. The data dump has been detected by Group-IB, a Singapore-based firm that specializes in detection and prevention of cyber attacks.

That such a huge amount of data has been stolen and put up for sale clearly shows that data thieves and skimmers are operating on a large scale and an organized manner in India. This makes Indian card holders, whose number is rising exponentially as the government pushes for a cashless economy, vulnerable. Anyone of them can find their bank accounts drained or can face huge credit card bills.

The worst thing is that since the actual credit or debit card has not been stolen, the cardholder cannot lodge a complaint either with the issuer or with the police unless a fraudulent transaction is first made on the card. But that one transaction needed to lodge a complaint might drain out the savings of a lifetime. Hence, the cardholder actually does not have a remedy against such data theft without losing a huge amount of money to these fraudsters.

If the government wants a cashless economy, it has to address this issue. If people start losing money to data theft, they will stop making debit or credit cards and start relying on cash as before. It will burden the banking sector and create problems for businesses that depend exclusively on online transactions. Data thieves have become very smart and can clone mobile sim cards to get the OTP sent by issuers as the second or third step verification. Hence, additional, and hopefully foolproof, security is needed to ensure the safety of payment cards.

image courtesy:gbhackers.com