In a recent tweet, PayPal President David Marcus has said that his credit card had been stolen and it is being used to make many fraudulent transactions. The credit card had a Europay, Mastercard and Visa (EMV) chip card, which is a global standard for inter operation. This credit card security system is extensively used in Europe.
Marcus said that hackers of his card criminals probably got information via skimming. Hackers use skimming to steal credit card information when it is swiped at an ATM or point-of-sale. The magnetic strip of credit cards contains sensitive information, which is used by criminals to make a new credit card and use it extensively.
Marcus tweeted, “My card (with EMV chip) got skimmed while in the UK. Ton of fraudulent txns. Wouldn’t have happened if merchant accepted PayPal…”
Clearly, Marcus is also busy promoting the advantages of Paypal.