Strategies for Magento Carding Attack Prevention

In 2022, the availability of stolen credit card data on dark web markets skyrocketed by 135% from the previous year. This surge has led to a significant rise in carding attacks, where cybercriminals use stolen credit card information to make unauthorized purchases. Studies show that 51-55% of payment fraud losses for eCommerce retailers stem from these attacks.

The financial toll is immense, with carding fraud expected to cause $40 billion in losses in 2023. Organizations report an average annual loss of $4.5 million due to such fraudulent charges. Additionally, merchants facing high levels of fraud may incur increased transaction fees and risk being labeled “high-risk” by payment processors.

This blog aims to provide expert advice on effectively dealing with carding attacks, helping merchants protect their financial health and reputations. If you need personalized help safeguarding your store from carding attacks, contact InteractOne. Our experts can help you.