With the advent of online shopping, the e-commerce market has skyrocketed and by 2022, the figures are expected to touch a whopping $150 billion. The ever-expanding arena of e-shopping has given cybercriminals even more reasons to exploit user data employing all new ways. The most recent hacking method which affects online shoppers is known as ‘Formjacking’.
What is Formjacking?
It is a virtual ATM skimming method which is employed by cybercriminals to insert malicious codes into retail websites. These codes are programmed to leak payment details of the shoppers along with their card details.
A report from Symantec suggests that every month, over 4,800 different websites fall prey to Formjacking. It has also been observed that the number of Formjacking attacks has been increased over the past year and the data is also being sold on the dark web.
Referencing from the report, “By conservative estimates, cybercriminals may have collected tens of millions of dollars last year, stealing consumers’ financial and personal information through credit card fraud and sales on the dark web, with a single credit card fetching up to $45 in the underground selling forums,”
Expressing concern on the matter, Greg Clark, CEO, Symantec, said “Formjacking represents a serious threat for both businesses and consumers,”
“Consumers have no way to know if they are visiting an infected online retailer without using a comprehensive security solution, leaving their valuable personal and financial information vulnerable to potentially devastating identity theft. For enterprises, the skyrocketing increase in Formjacking reflects the growing risk of supply chain attacks, not to mention the reputational and liability risks businesses face when compromised,”