Why A Stolen European Credit Card Is Worth 5 American Cards

What's Hot

23 Upgrades Under $50 to Make Your House Look AwesomeAround The House

Trump Worth $10 Billion Less Than If He’d Simply Invested in Index FundsBusiness

Do This or Your iPhone Bill May SkyrocketSave

11 Places in the World Where You Can Afford to Retire in StyleMore

19 Moves That Will Help You Retire Early and in StyleFamily

What You Need to Know for 2017 Obamacare EnrollmentFamily

8 Things Rich People Buy That Make Them Look DumbAround The House

50 Ways to Make a Fast $50 (or Lots More)Grow

32 of the Highest-Paid American SpeakersMake

The 35 Two-Year Colleges That Produce the Highest EarnersCollege

5 DIY Ways to Make Your Car Smell GreatCars

Amazon Prime No Longer Pledges Free 2-Day Shipping on All ItemsMore

More Caffeine Means Less Dementia for WomenFamily

7 Household Hacks That Save You CashAround The House

5 Reasons a Roth IRA Should Be Part of Your Retirement PlanGrow

30 Awesome Things to Do in RetirementCollege

Beware These 10 Retail Sales Tricks That Get You to Spend MoreMore

Crime rings like to use credit cards stolen from around the world in the U.S., but, oddly enough, our stolen cards aren't worth as much to them as foreign ones.

Hackers would much rather have a European credit card than yours.

The Washington Post explored why the going black market rate for American cards is about $10, and European cards about $50. There are two major reasons.

The first is the difference between card technology here and in Europe. In Europe, cards carry a chip with a function similar to our magnetic strip, but with added security measures, the Post says. After the European card is swiped, the user has to enter a PIN, as we would for a debit card.

In the U.S., merchants don’t use the technology that would take advantage of the added chip security, so when European cards are used here, they only have the protections of the magnetic strip, the Post says. Some European banks are slow to process transactions over the weekend, which means criminals could make copies of the foreign cards and have a weekend shopping spree before the fraud department overseas catches on and shuts them down.

The second reason hacked or stolen American cards are worth less is that they’re easier to come by. Many American companies have been successfully targeted by hackers, recently including Citibank, J.C. Penney, 7-Eleven and JetBlue, The New York Times says. They can suck out a whole database of credit card credentials, and don’t always dump them onto the black market right away. There’s already an overwhelming amount of stolen card numbers for sale, a security expert told the Post.

Stacy Johnson

It's not the usual blah, blah, blah

I know... every site you visit wants you to subscribe to their newsletter. But our news and advice is actually worth reading! For 25 years, I've been making people richer without making their eyes glaze over. You'll be glad you did. I guarantee it!


Read Next: Sam’s Club Reveals Details of Black Friday, 5 Other Holiday Sales

Check Out Our Hottest Deals!

We're always adding new deals and coupons that'll save you big bucks. See the deals to the right and hundreds more in our Deals section.

Click here to explore 1,722 more deals!