Good question to ask during your identity theft lesson. A good way for your students to understand the thriving business of data theft and the importance of protecting their personal information.

Answer: $5 for U.S. credit card

From Business Insider:

According to McAfee Labs, the more data a cyber thief can collect — particularly with credit or debit cards — the more it’s worth. Along with a credit card number, these are some of the things that increase the value of your information:

“CVV” is the industry acronym for card verification value. CVV1 is a unique three-digit value encoded on the magnetic stripe of the card. CVV2 is the three-digit value printed on the back of the card.

“Software-generated” is a valid combination of a primary account number (PAN), an expiration date, and a CVV2 number that has been generated by software. Sellers refer to a valid number combination as a “Random.” Valid credit card number generators can be purchased or found for free online.

“Fullzinfo” means the seller supplies all of the details about the card and its owner, such as full name, billing address, payment card number, expiration date, PIN number, social security number, mother’s maiden name, date of birth, and CVV2.

McAfee researchers estimate that basic details for Visa, MasterCard, Amex, or Discover cards, which includes the card number and software-generated information, can see an asking price ranging from $5 in the US to $25-30 in Europe.

“Fullzinfo” is considered the most valuable amount of information. In the US, the estimated per card price stands at $30, while in Europe it runs around $40.

Here are some great follow-up questions to ask your students about this resource:

1. How do you think data thieves obtain your personal information, including your credit card number?

2. Why do you think that the more data a data thief has about a particular person, the more valuable that information becomes?

3. Do you know someone who has had their identity stolen? What information did the data thief use? What issues came up as a result of the stolen information? How were the issues resolved?

4. What advice would you give to someone who wants to protect their information but doesn’t know where to start?

Want this resource and questions in slide format to use in class? Click here!

About the Author

Tim Ranzetta

Tim's saving habits started at seven when a neighbor with a broken hip gave him a dog walking job. Her recovery, which took almost a year, resulted in Tim getting to know the bank tellers quite well (and accumulating a savings account balance of over $300!). His recent entrepreneurial adventures have included driving a shredding truck, analyzing executive compensation packages for Fortune 500 companies and helping families make better college financing decisions. After volunteering in 2010 to create and teach a personal finance program at Eastside College Prep in East Palo Alto, Tim saw firsthand the impact of an engaging and activity-based curriculum, which inspired him to start a new non-profit, Next Gen Personal Finance.

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