The "dark web" might sound like some ominous part of the Internet that only a select few can access. However, it isn't quite like that. The dark web is an encrypted part of the Internet accessed through a web browser. Anyone who downloads a dark web browser will gain access to the dark web. And there's a lot there. At 48%, the dark web makes up almost half of the Internet.
Illegal activity does take place on the dark web, including the selling of stolen payment card information. Card payment information is stolen through data breaches, hacking payment companies, and social engineering of companies and individuals. That information is then posted to the dark web for bad actors to purchase.
Preventing Dark Web Payment Card Fraud
Preventing payment card fraud on the dark web is very similar to traditional card fraud prevention. While someone can take all the right steps to prevent card fraud, there's no guarantee it won't happen. But here are a few tips to keep in mind:
- Use a payment card monitoring service. Many such services include dark web monitoring.
- Ensure your card provider has real-time fraud monitoring and can send fraud alerts.
- Monitor your card regularly for any suspicious activity. Some scammers start with small transactions, which probably won't trigger fraud detection. Then they'll move on to larger transactions.
- Always fill in security questions with your payment card provider.
- Use multi-factor authentication for your payment card provider's website.
Some cards offer virtual numbers that can change with each purchase. This type of service requires more work on the customer's part since they must generate new numbers. However, it does go a long way to improving fraud prevention.
If you're a victim of payment card fraud, remember that federal law limits your liability to $50. Many card providers have a zero-liability policy, which means you won't be liable for any stolen amounts.
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