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A security breach that caused the data of about 500,000 customers of British Airways to be stolen is set to cost the giant airline company up to $230 million in fines.
According to reports, the data theft which lasted for about 3 months before it was discovered exposed vital information of the airline’s customers. Details such as names, email addresses and credit card details including card numbers, expiry dates and three-digit CVV codes were stolen by the hackers.
With the traditional transaction systems, anyone in the custody of the above listed details can take over control of the credit cards and use them for whatever purpose he chooses.
It was figured that the hacker achieved this by setting up a website that received redirected traffic from the airline’s website, extracting all the information listed above. The extent of this breach has given rise to BA being slammed with what is described as a record fine from the U.K. Information Commissioner’s Office (ICO). BA has 28 days from the time of notice to appeal the fine, or pay $230 million.
It is becoming increasingly risky to transact with credit cards
This incidence reveals yet another weakness in the card systems of transaction. Data leaks have become a common way for internet thieves to extract vital information and steal people’s funds. Some other major data leaks have been reported in the recent past. These ones involved top companies like Ford and TD Bank, whose common customers are high-end networth individuals with well funded credit cards, making them prime targets for hackers and thieves.
Apart from high networth targets, everyday users are not exempted from the security threats around the vulnerable systems that expose users’ vital information, albeit in a non-deliberate manner. Earlier in the year, there were reports on a series of occurrences that resulted in the theft of card numbers in their millions from popular chain restaurants.
Occurrences like this makes it clear that traditional systems can no longer be fully reliable. Who knows how many more of these victims have been suffering in silence, or even the ones whose funds are being stolen without them noticing it yet.
This development further establishes the need for a different transaction system that protects users’ details and identity. A solution that will instill confidence in customers and ensure that their funds are secure and not exposed to risks that they know nothing about.
Cryptocurrencies like Dash are solving the identity theft problem in transactions
Looking at the cases that have been mentioned above, it is clear that what the thieves are after is complete user identity. With this, there is no limit to the extent of control that they can have on a user’s account. Therefore, the concrete solution to this menace is a transaction system that keep user information away from the transaction environment. This is the kind of solution that cryptocurrencies like Dash has provided, especially for online transactions.
When you use Dash to shop or make any transaction, your identity will not be linked to the payment. The only piece of information that is involved during such transactions is your public key/payment address. Even when this is leaked, it does not give anyone access to your funds. In the real sense of it, it is information that is meant for the public – “public key”.
This is completely different from the existing traditional system where access to the information that you use for one single transaction could cost you everything that you have ever worked, if it gets into the wrong hands.
Cryptocurrency payment systems are growing in popularity and forming strong bases in different regions of the world. Rather than having to chase after hackers and thieves, or seeking expensive security processes that are concurrent in nature, the easiest way to protect customers is by implementing features that will keep them away from the reach of bad actors. Cryptocurrencies are already here, and Dash is a solid solution to consumer protection and secure transaction network.