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May 09, 2021

Thanks to Sony hack, stolen credit cards much more affordable

This whole Sony PlayStation hack has been good news for exactly two people. Okay, one people. Er, group.

1316486_mock_credit_card_2 Following Sony’s massive data breach – hackers tapped into the company’s database through the PS3 last month and snatched as many as 77 million credit card numbers – there have been several financial consequences, most notably, in terms of price tag, to Sony itself, who could be out more than $1.5 billion when the fiasco is done.

But let’s stop short of calling the entire scam a nuisance. For buyers of stolen credit cards, your buck is about to get much more bang.

According to the New York Times, one lesser-reported fallout from the Sony hack will be on the price of black market stolen credit cards, which are set to plummet.

By the estimation of security expert Kevin Stevens, stolen credit cards sold for about $5 to $10 online before the PlayStation breach. If hackers have the catalogue of stolen info they claim to, that figure could fall well below the standard rate to just $1 to $2 each.

Of course, here’s hoping none of the compromised credit card details actually make their way into the hands of crooks (a Visa Canada rep told me last week much of the hacked data was from 2007, suggesting many of the accessed credit cards are long expired, anyway).

Still, thousands have no doubt flocked to their credit card providers asking for replacements since news of the fraud hit, and that brings us to Sony Hack Fallout No. 2. Reuters reports the cost of replacing cards alone – simply issuing new plastic – could cost lenders as much as $300 million if affected users opt for new pieces.

What’s more for Sony, its troubles may not be done. A second, smaller data breach has already happened (up to 12,700 credit and debit cards may have been stolen) and threats of a third are in the wind.

The saga continues.

By Jason Buckland, MSN Money

*Follow Jason on Twitter here.



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Gordon PowersGordon Powers

A long-time fund company executive, Gordon Powers now heads up the Affinity Group, a financial services consulting firm. Gordon was a personal finance columnist for the Globe & Mail for many years, has taught retirement planning...

Jason BucklandJason Buckland

The modern-day MC Hammer of money, Jason can often be seen spending cash that isn’t his with the efficiency of a Wilt Chamberlain first date. After cutting his teeth as a reporter for the Toronto Sun, he joined the MSN Money team with...