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Cybersecurity Stolen Credit Card Tax Fraud Identity Theft Hackers

Hackers Don’t Play Around, They’re Making Money From Your Data

Cyber attacks aimed at your data aren't just hacker kids having fun, it’s actually big business... and business is good.

For those who grew up in the latter half of the 21st century, hackers were typically portrayed as misfit punks pulling goofy pranks. However, in today’s world, some hacking groups spend their time targeting individuals and manipulating private data to make a profit. We aren’t talking pocket change either; hacking scams have victimized innocent people out of billions. But, what exactly are hackers doing with your precious information?

Here are some of the common ways your private data is criminalized and monetized for pure gain.

Selling Your Information
One of the most prevalent methods for a hacker to produce money from your stolen data is to sell your credit card information. As you might imagine, having access to your bank account can quickly result in a significant financial loss. Typically, your card will be sold online in the black market for anywhere between $5 and $15, depending on any additional information that it may include. If a hacker manages to obtain not only your credit card data but other bits of information about yourself, such as your social security number, the cost can rise to $30. A small price for a malicious individual to pay for having access to your financial stability.

Read More: Things You Need to Do If You Suspect a Credit Card Hack

Committing Tax Fraud at Your Expense
While a stolen credit card can be extremely problematic, a hacker could use your stolen identity to commit a fraud scheme. If a malicious individual gained access to your name, address, and social security number, they could then file a fraudulent tax return. Last year alone, scammers were able to obtain over $783 million in fraudulent activity. If this happens to you, the worst part of the whole situation is your information will be closely watched by the federal government.

Clearance Sale on Your Life
Hackers steal quite a bit of information, so what could they possibly do with all of it? Once they’ve pulled specific details that are useful, like your social security number or online logins, they’ll hold a bulk sale to get rid of the rest. Sadly, you can think of it as a clearance sale with all of your personal information as the merchandise. Luckily, there are ways you can prevent getting hacked. Try downloading a security app such as dfndr security on your mobile device. An advanced and highly rated app can keep hackers and phishing scams at bay with antivirus and anti-hacking features.

As you’ve just read, hacking is actually big business and it will keep growing if you don’t take security seriously. Don’t end up being a payoff for a cybercriminal and take measures to guard the most important thing — your data.