American expert warns: Credit card suddenly generates a transaction of only 200 dong? Be careful you can get all the money taken away
- Tram Ho
Many people share the common sentiment that, when the credit card fraud of cybercriminals takes place, the victim’s account is often suddenly debited with a huge amount of up to thousands of dollars. Therefore, when they see that their account has small transactions, they do not pay much attention.
However, recently, experts have warned that those small transactions could be the start of a BIN attack. This is a new form of credit card fraud and it works a little differently than you’ve heard of before.
What is BIN?
BIN (Bank Identification Number) is a bank identification number printed on the front of the card, including the first 4 to 6 numbers appearing on the credit card. A bank identifier identifies the card issuer, i.e. each credit card will have a unique sequence of numbers to distinguish one bank’s card from another.
BINs typically have 4 to 6 numbers printed or embossed on credit cards. This is the key to determining whether a payment is valid for the payer and the bank. BIN also applies to charge cards, gift cards, debit cards, prepaid cards and electronic benefit cards.
“ Many consumers think their card numbers are completely random, but that’s not the case, ” says Monica Eaton, owner and founder of chargeback management company Chargebacks911.
What is BIN attack?
Initiating the BIN attack, the cybercriminal will perform the small transaction first. BINs are meant to help banks keep track of the cards they’ve issued. Under ideal conditions, this helps reduce financial crime and fraudulent activities, such as identity theft, card theft, and prevent unauthorized charges. However, the scammers are very clever.
“Because the BIN follows a certain number format, there are digits that are more likely to appear in some places on the card number than others,” said Ms. Eaton, “When an attacker Scammers find out the BIN, he will only need to find out the digits on the back, the expiration date and the security code (CVV) ”.
“ To do this, the scammer simply continues to change and try card numbers, until they find the right number. He then checks to see if the card is active and has anti-fraud measures in place by making small purchases, or card checks. When he finds the right card, he can sell it on the dark web or directly use it to make fraudulent transactions .”
Signs of a BIN . attack
To recognize fraudulent charges, you must pay close attention to your bank’s notifications about the transaction. This is probably something we are all well aware we should be doing but rarely take the time to practice.
Please note again, the BIN attack will start with a very small fee that you can easily ignore. So to detect it in time, you have to keep an eye on each transaction.
“ Monitoring, monitoring and supervising ”, Tami Hudson – Cybersecurity Director at Wells Farrgo Bank (New York, USA) emphasized, “ after conducting small transactions that went undetected, criminals Cybercriminals will move to conduct larger transactions .”
Ms. Eaton further notes that it is important to notify your bank immediately. “Remember that this is very urgent, even if the fraud fee is only 5 cents (about 200 Vietnamese Dong).
“ Once the scammers discover that they have a valid, usable card, they will proceed with the transaction. The situation will then escalate and get worse, ” she warned.
What to do to protect yourself?
According to Mr Hudson, you should set up transaction alerts and alerts from your bank so you can identify suspicious activity as soon as possible. Also, you should set up 2-factor authentication on your account. This method will require the user to log in to meet 2 conditions: Have a password and an authentication code.
“ Turn on transaction notifications, even for transactions as small as 1 cent (28 Vietnamese dong),” advises Paul Bischoff at security and privacy services firm Comparitech. In addition, you should use a virtual credit card (Credit Virtual Card – an online version with full payment capabilities like a real hard card) that banks allow to set up to pay at stores you choose. not completely trusting.
Source : Genk