Identity theft is big business for bad actors. In 2021, there were nearly 1.7 million reports of identity theft in the United States, translating into $56 billion in losses.
Credit card fraud is the second leading form of identity theft with nearly 400,000 cases being reported in the United States in 2021.
In 2023, worldwide payment card fraud losses are expected to exceed $35 billion.
In fact, global payment card losses from fraud are expected to total nearly $400 billion over the next ten years, with almost half of that amount occurring in the United States.
With 65% (approximately 151 Americans) of credit and debit card holders in the United States having been a victim of fraud at some point in their lives, it’s important to take extra precautions to protect your sensitive financial data.
In this special “MySudo Monday” episode of Privacy Files, we look at virtual cards and how they can be used to better protect you against bad actors and financial institutions that want to sell your transactional data. We welcomed Dave Glass to the studio to lean on his expertise in the payment card industry. David is the Fintech Operations Manager at Anonyome Labs.
We start with Sarah covering the eight most common forms of credit card fraud.
Then Rich revisits a monumental hacking story from 2021 where hackers published a million stolen credit cards on the dark web.
Sarah follows up by taking a hard look at MySudo virtual cards, explaining how they work and what the key benefits are.
Rich and Dave then talk about the differences between a MySudo virtual card and a standard virtual card offered by a bank.
Sarah takes it up a notch by discussing how to leverage MySudo’s digital identity concept to compartmentalize different virtual cards, thus further limiting digital exhaust.
The episode wraps up with Dave and Sarah talking about when ACH funding is launching for MySudo virtual cards. Then Rich provides a few tips for preventing credit card for those who choose not to use virtual cards.
Links Referenced:
https://www.disneydining.com/disney-guests-beware-of-credit-card-fraud-bwb1/
https://www.reddit.com/r/DisneyWorld/comments/12hsbja/credit_card_fraud_warning_4647/?utm_source=share&utm_medium=web2x&context=3
https://www.disneydining.com/guest-loses-apple-watch-on-ride-at-epcot-costing-her-more-than-40000-bb1/
https://www.fool.com/the-ascent/research/identity-theft-credit-card-fraud-statistics/
https://www.security.org/digital-safety/credit-card-fraud-report/
https://www.cpomagazine.com/cyber-security/hackers-published-one-million-stolen-credit-cards-on-the-dark-web-to-attract-cybercriminals-to-their-carding-site/
https://mysudo.com/2020/07/the-rise-of-surveillance-capitalism-or-whatever-happened-to-my-internet-free-will/
https://www.webfx.com/blog/internet/what-are-data-brokers-and-what-is-your-data-worth-infographic/
https://anonyome.com/2020/05/fight-the-fatigue-data-privacy-really-does-matter/
https://mysudo.com/2020/07/why-your-mysudo-virtual-card-is-more-private-than-a-banks-virtual-card/
https://mysudo.com/2020/08/the-most-private-way-to-use-mysudo-virtual-cards/
