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Are You A Shopaholic? Beware Of Formjacking

IamCheated.com Research Team | February 26, 2019  4:52:pm

Are you a shopaholic who prefers buying almost everything online? If yes, you should be aware of the new fraud 'Formjacking'. As online shopping is increasing rapidly across the World, cybercriminals who cheat people online are on the rise. Each day fraudsters come up with new tricks to steal private data of people and wipe out money from the bank accounts. Recently, fraudsters have come up with a technique called Formjacking which targets people who shop online.

Formjacking is a virtual ATM skimming technique, used by cybercrooks to inject malicious code into retailers' websites with the intention of gaining access to online shoppers’ payment details which consist of sensitive card details. These details are later used to carry out fraudulent transactions and steal money from bank accounts.

According to recent reports, formjacking attack is faced by more than 4,800 unique websites each month. There has been a rise in the number of formjacking attacks which took place in the previous year.

The personal data collected from targeted websites are also sold on the dark web. As per the estimates, fraudsters might have collected millions of dollars in the previous year by stealing sensitive financial information through credit card fraud and then selling on the dark web.

How Does Formjacking Work?

1. Cybercrooks inject malicious script into websites like online shopping portals with the intention of stealing debit and credit card details of the people who make payments on the website.

2. Users make purchases on the website, by doing the payment online. To make online payments, users must fill the form and make a submission. 

3. Once the users fill the form and make a submission, the form data is sent to the merchant of the website. By injecting the malicious script, the form data will also be sent to the cybercriminals. This data also includes the payment details.

4. These details are sold on the dark web which is then used to carry out the fraudulent transaction.  

Formjacking is a serious problem for both businesses and customers as the main intention is to steal sensitive financial information. You won’t even know if the website is infected. So, this can put financial information at risk.

Read More: How Does Formjacking Work

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