At one time identity theft happened most frequently when a thief could lift the credit cards from a person’s wallet and use them before the cardholder discovered the missing plastic. Stealing cards and using them are now almost a thing of the past. Of course if your wallet just happens to fall into the hands of a thief, they will not resist the urge to do a little free shopping, but most criminals are more interested in stealing the information in ways that allow them to remain anonymous. P2PE encryption helps to stop the criminals from being able to steal the information while it is being transmitted from point of sale to the financial institution that issued the account.
P2PE means point-to-point encryption. The technology of P2PE is needed more now than it ever was needed before. This is because more theft of financial information happens while the information on the credit card is being transmitted through the payment processing systems.
When a criminal can develop a way to get their hands on the private information of others they can use the credit cards the victim already has or they can sign up for new credit accounts and run up large amounts of debt before the victim ever realizes that their information has been absconded. The criminal remains basically a faceless villain by using these methods of obtaining financial information.
There are no fingerprints left behind for the police to trace, and there is nothing the victim can tell them about where they were the moment they lost their control over their financial information. This could have happened anywhere the victim had used their credit or debit cards. The theft could also have occurred when the victim was sitting at home on their computer shopping, banking, or paying bills, online.
As we become more comfortable paying our bills