PayPal President David Marcus said on Monday that his credit card details were stolen. He added that the information was used to finance a fraudulent spending spree. PayPal President’s credit card hacking seems to be a case of Card Skimming.
He added that the card was probably “skimmed” at the hotel he was staying at, or at a merchant he visited, during a recent trip to the U.K.
A couple of his tweets read as: “They then cloned it and went on a shopping spree,” “Obfuscating card data online, on mobile, and now more and more offline remains one of PayPal’s strongest value props,”
According to Marcus, his credit card had EMV chip technology, a technology step ahead in security systems currently in use in Europe.Still his card information got stolen. As he doubt it to be a skimming job, skimmer is a device fixed to the front of an ATM or point-of-sale terminal that secretly swipes credit and debit information when customers slip their cards into the machines to withdraw cash or pay for something.
This malicious technology has been around for years, but skimmers are constantly improving it, according to cyber security expert Brian Krebs.
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