Out of the 1.4 million cases of identity theft reported in 2020, nearly 4,00,000 fell under credit card fraud. This represents a whopping 44.6% increase over 2,71,927—the instances of credit card fraud-based attacks in 2019. Needless to say, credit card fraud, a data security threat that involves malicious entities fraudulently accessing an individual’s card before illegally spending and inflating their credit bill, is one of the most common cyber-attacks. Here are a few measures to protect your customers from the horrors of credit card fraud:
Using a web application firewall
One of the ways in which criminals access the credit card details of their victims is via keylogger attacks. This attack enables a hacker to discover a user’s card details or sensitive passwords by monitoring and recording their keystrokes. Using a keylogger attack, such entities can steal the card details when users make payments through banking portals on e-commerce websites. To prevent such attacks, banks need to secure their websites and payment portals with a web application firewall, which blocks keylogger attacks, DDoS attacks, brute force attacks, and other cyber threats.
Leveraging machine learning
Machine learning-based tools use anomaly detection to detect red flags in credit card payments. So, banks can use such tools to closely assess each transaction made by a user with their credit card. Anomaly detection uses a cardholder’s profile, behavioural patterns and purchase records to raise red flags every time an ‘anomalous’ payment is detected. A bank can then thoroughly investigate such transactions. If an instance of card theft or fraud is detected via the investigation process, the bank can freeze the card and stop further account activity.
Data security is a vital aspect of fraud prevention in banking. We at GajShield understand this well. Therefore, our data security tools are designed and developed specifically to safeguard banks and other financial institutions against cyber-attacks.
By: Sonit Jain, CEO – GajShield Infotech