Mark Fullbrook, Cyber-Ark's UK and Ireland director, claimed that the jailing of the Charmaga brothers for scamming credit and debit card companies of more than £600,000 shows how valuable stolen card data can be.
The three men created a raft of fake payment cards using data sourced through illegal channels, and used them to draw cash from ATMs, as well as make luxury goods purchases.
Police confiscated around 600 cards ready to be used by fraudsters, as well as card details on more than 3,400 people's accounts in the possession of the brothers.
Ahmed Charmaga was sentenced to four years and six months in prison, to run consecutively to the two year sentence he is currently serving. Mahmoud Charmaga was sentenced to five years in prison and Mohammed Charmaga received two years and eight months.
Fullbrook said: “Card fraud hit a five-year high in the UK last year and this case is just the tip of iceberg. Granted, the three brothers have received more than 11 years in prison between them, but they have left a trail of financial devastation behind them.”
He further claimed that companies should now be protecting their customer's financial records more than ever before. “Protecting data is essential to protecting any company's reputation, so the use of data vaulting to protect customer's financial details is a must-have”, said Fullbrook.
“If your company does not protect its customer records and card details are traced back to your firm, you run the risk of not easily being able to accept card payments in the future. That, coupled with the risks of reputational and legal damage, should be enough to persuade any company of the need to secure customer data.”