1. This site uses cookies. By continuing to use this site, you are agreeing to our use of cookies. Learn More.

Second-factor may prevent ATM fraud

Discussion in 'CSO' started by RSS, May 27, 2016.

  1. RSS

    RSS New Member Member

    Crooks stole $12.7 million at 1,400 Japanese ATMs earlier this month, with around 100 people making 14,000 transactions with 1,600 counterfeit credit cards based on stolen information from real cards issued by a South African bank.

    The theft could have been avoided, a security expert said, if ATMs accepting the old-style, easy-to-copy magnetic stripe cards moved to two-factor authentication.

    In many countries, the liability for magnetic-stripe card fraud has shifted from card issuers to merchants, helping push the payments industry towards EMV, or smart chip-based cards, which are significantly more secure.

    To read this article in full or to leave a comment, please click here

    Continue reading...

Share This Page