CIBC customer’s hacked card used in U.S.
Paul Carey was one of 400 CIBC customers who have been at the receiving end of a credit card scam. He was defrauded of $500. Luckily for him, CIBC issued him a new credit card . The surprising part, his credit card was with him, in his wallet, the entire time.
CIBC
CIBC or Canadian Imperial Bank of Commerce is the third largest credit card issue in Canada after Toronto-Dominion. It was in the first spot since 2005 but slipped to second position based on the outstanding balances in 2013 as per Nilson Report.
Widespread Fraud
“They advised me somehow someone had got a hold of my banking information and had duplicated a card and used that card to access my account and that I was one of 400 people that had been contacted at the Lower Sackville CIBC,” he said to a news channel. Kevin Dove, a spokesperson for CIBC revealed that ‘proactive’ monitoring lead them to identify that several compromised cards were made to make payments, all in the same area at a local retailer. No more details were given about the fraud.
“As a precaution, we notified our clients whose cards might have been affected that we would be replacing them,” Dove wrote. “Please note, only a very small number of our clients experienced any fraud on their account, and of course, those clients are fully covered for any losses.”
Since the JPMorgan Chase breach of nearly 76 million payment card details, the underground markets are floating the stolen cards for sale. The price range fro such stolen cards on the Dark Web ranges from $4 to $50. A image grab from the 2014 price listing published by Dark Reading is given below :
Another possible reason for the hacking may be that the Credit Card companies dont allow special characters in the passwords as a policy matter. This was informed to Techworm by @qngreentea and confirmed by @Ducalian26
@qngreentea @Techworm_in @RBC_Canada yes but they'll blame the clients if they are hacked saying that their pw wasn't secure enough.
— Cpt_Qc (@Ducalian26) December 24, 2014
