The use of credit cards and debit cards has increased incrementally in the market which is supported by the consumerist nature of the citizens of the United States. The numbers of credit cards transactions that are conducted on the internet as a result have also significantly increased which have increased the likelihood of online credit/ debit card frauds and online credit/ debit card identity theft. “In 2000, North American e-merchants lost an average 3.6 percent of their sales to stolen or fraudulent credit cards. In 2007, that figure was down to 1.4 percent, according to the 2008 “Online Fraud Report” by CyberSource, a major credit card payment gateway.” (Meacham, 2008)
Essentially anyone who transacts online using their debit and credit cards for paying for their online purchases is open to the credit card fraud and the theft of their credit. Debit card records. The companies and online retailers do provide protection to the customers by providing a secure portal though which they can conduct their transaction. However efficient and skilled hackers who have knowledge about how the computer networks and the systems work are able to access the secure systems, and bypass the simple security measures to access the transactions records from which it is easy to extract the customer credit card information. This information can be resold by the hackers to others who can use the cards online to make purchases illegally while being underground. This is the main threat of conducting payment based transactions over the internet where the company keeps a record of the customer information as this information can be accessed by the skilled perpetrators. The following section depicts a case where a large ring of credit card theft perpetrators were exposed and tried for their theft of credit card information worth millions of dollars from the nine major retailers in the United States.
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