PayPal president David Marcus announced that his credit card details had been stolen and hackers used the information to spend a lot of money.
According to his own tweets, Marcus believes his details were stolen at the hotel he was staying at or at a merchant during a trip to the UK. The card was later cloned and used for fraudulent purposes.
While his card had EMV chip technology, this did not prevent the data from being stolen.
Skimmers are some of the most common devices used to steal card information and are usually placed on the front of ATMs or terminals in stores. When a card is swiped through the machine, the information is collected and can be used at any time.
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