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Coronavirus Has Mitigated The Number Of Credit Card Frauds

Coronavirus has changed everything. Everything has positive as well as negative aspect and this is not an exception. Well, it is a fact that coronavirus pandemic has flattened the growth of small retail business. But, on the other side, it has mitigated the number of credit card frauds.

According to a new report published by the Sixgill cybersecurity firm, there were almost 45 million compromised or fake credit card accounts went on sale in the dark web. It is the report of first six months of this year. The number is quite large but, previous year’s report was surprising. Yes, comparing it with the previous year’s report, the firm has found that the number of credit card fraud gets reduced by 40%.

It is really a good news and the main reason behind it is the coronavirus pandemic. Due to pandemic, merchants were unable to keep on their business and as a result. Consumers did not have enough opportunities to purchase new things.

According to a research, bricks and mortar and retail outlets are some platforms where the credit card frauds remain high. It basically generates the number of credit card frauds where the fraudsters stole the account information regarding the credit card and they sale on the dark web.

Sixgill that is a B2B cyber security company is of the opinion. That there are certain physical devices involved in this process such as skimmers otherwise known as shimmers. Due to pandemic where consumers have to maintain social distancing. People stopped visiting retail outlets and therefore, it mitigated the credit card fraudulent. Scammers generally attach such devices in the payment terminals such as credit card machines and point of sale systems. However, people have started giving importance to online transactions and therefore, the overall number of credit card transaction is on the lower side.

However, Sixgill also acknowledged the efficiency of the law enforcement. According to a report, Russian law enforcement closed many dark web markets in March, 2020. They made many arrests and along with it, they shut down almost 90 websites

However, report says that coronavirus pandemic has not yet played any impactful role upon the credit card usage. Offline merchants have made an online shift and customers are making online purchase. But, it reduced the number of opportunities to steal the credit card details for the cyber criminals. They are unable to make a clone or copy of the credit cards as customers are not using them on any payment terminals.

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