I don't know how many credit and debit cards there are in circulation around the world, but I'm pretty sure it's going to be measured in the multiple billions. So what could happen to the world if one billion (i.e. 1,000,000,000) credit cards and all the appropriate card owners details were intercepted and dumped on the Internet for all to see (and use?) at midnight tonight?
You might question the logistics of such an interception and accumulation of that many cards. Here are (just some) some ways in which it could happen:
- A number of popular underground carder forums (used to match buyers with sellers of stolen credit cards) get hacked, and all the accounts of the carders that sell their stolen wares through the forum in turn have their accounts hacked in to. A few domino's fall and, before you know it, the hacker has breached the credit card repositories of a few dozen prolific sellers and steals their stolen data. To undermine those hacker carders and their illegal businesses, the hacker dumps copies of all the data on a few hundred pastebin and anonymous file-hosting sites (making it impractical for law enforcement to take down the data after the fact).
- A small number of disgruntled IT employees at one of the major payments processing companies backdoor a number of critical servers and data repositories - continually running batch jobs that store the relevant metadata in an encrypted archive, that is updated with any new card details. 24 hours after they resign (or are laid off due to restructuring) they extract the data dump they had been preparing for months and dump it on the Internet because they hated the company and what it did to them.
- A foreign power has spent 2 years infiltrating Visa International and a few dozen of the largest merchant banks using digital and human intrusion techniques, and has managed to accumulate the details of all their customers. The attackers filter the stolen credit card data for only US and EU and anonymously release the data in order to undermine those economies.
So, the stolen data is stolen, made publicly available for all and sundry to access and potentially use, what happens now? Does our financial system collapse? Do organizations begin to sue one-another over overestimated (potential) losses they've incurred? Do the owners of those stolen credit cards loose everything? Does anyone who has their own credit card stop using it - loosing faith in that aspect of the banking system?
I think this is a discussion that we really need to have. To be frank, getting hold of the data related to a (few) billion credit cards is getting easier every day. I believe it is inevitable that truly colossal dumps of stolen data will occur sometime soon.
The impact will be huge.
Lets ignore all of the behind-the-scenes shenanigans the lawyers and bankers will perform and, for once, focus on just one person... and maybe that happens to be you. What happens if you wake up tomorrow morning, head on in to work, stop by the Starbucks on the corner to grab your morning coffee and your card is denied. So you try another card, and it too is denied. You get on the phone to your bank to try to find out what happening and you're greeted with a robo-message that hundreds of millions of the bank-issued credit cards have been stolen and that they've taken action to ensure that no fraudulent charges will be made to your cards. The downside? None of your cards work in the meantime and it'll be at least a couple of weeks before the bank can issue and post out the replacements (and that's being damned optimistic - given the scale of the problem). I hope you have enough cash for gas to get home that evening.