August 17, 2015 — The Ripple Effect of Identity Theft
CardNotPresent.com has featured an article by Ryan Wilk, NuData’s Director of Customer Success. Ryan discusses what hackers do with the data they have stolen and more importantly, how organizations can prevent it from happening in the first place.
As a society, we hear about data breaches all the time, but we rarely hear about what happens to the stolen data afterwards.
We may not think much of losing one username and password combo or having to cancel a credit card, but each piece of data doesn’t just disappear. It gets collected and combined into the tool of choice for today’s fraudsters – one that’s so difficult to overcome that organisations have had to rebuild how they do internet security.
Data privacy is dead
Since 2005, more than 675 million data records have been involved in data breaches in the U.S. alone, according to the Identity Theft Resource Center. These records include incredibly personal data such as a person’s Social Security number, name, address, phone number, credit card number, name of local bank branch and so on.
Data thieves sell this information to aggregators, who cross-reference and compile full identities – called “fullz” on the data black market. This increases the value and usefulness of the stolen data, which may have been gathered from multiple data breaches.
To read the full article at CardNotPresent.com, click here.