A security analysis firm called Gemini Advisory recently posted a report saying that credit card fraud is actually on the rise in the US. That's surprising, because the US is three years out from a big chip-based card rollout. Chip-based cards were supposed to limit card fraud in the US, which was out of control compared to similar fraud in countries that already used EMV (the name of the chip card standard). Further ReadingWhat happened after the US moved to chip-embedded payment cards?Chip cards work by creating a unique code for each transaction, and (ideally) require a customer to enter a PIN to verify that they want to make the purchase. This doesn't make it impossible to steal information from chip-based cards, but it does make it much harder to reuse a stolen card. By contrast, using a magnetic stripe to swipe a card simply offers all the relevant information to the merchant's card reader, which is much easier for a bad actor to steal. Gemini Advisory now says that 60 million … [Read more...] about Why aren’t chip credit cards stopping “card present” fraud in the US?
Atm card fraud
ATMs provide quick access to your cash -- but these days, it may not be your hands that money ends up in.Best practice in many cities is now to perform a quick check before you insert your credit card into one of these machines in case a camera or skimmer is in operation.Cameras can record PIN numbers if your hand is not covering the keypad and skimmers can exfiltrate basic card data so, together, cybercriminals have the means to clone your card and conduct fraud.No matter how careful you may be, sometimes, it just isn't enough.See also: Here's the one surprising lesson I learned as a victim of debit card fraud However, it is not just consumers that are at risk of losing funds due to the compromise of ATMs -- financial institutions often have to take the brunt, and in some cases, the ATM itself, rather than an individual's account balance, is targeted.Jackpotting, also known as a black box attack, is when an ATM is physically targeted. Drills and damaging the front of these … [Read more...] about ATM hacking becomes a priority in IBM cybersecurity facilities
PUBLISHED: 16:32 09 May 2018 | UPDATED: 17:10 09 May 2018 Harriet Orrell A card skimming device was spotted on a cash machine in Tesco in Diss. Photo: Shane Roach Archant Consumers are being warned to stay vigilant when after a card cloning device was spotted on a cash machine in south Norfolk. Police were called to Tesco in Diss at 9.15pm last night to investigate a suspected skimming tool which was attached to the card slot. A spokesman for Norfolk Constabulary confirmed the presence of the device however there were no lines of inquiries to pursue so referred the matter back to the supermarket giant. A spokesman at Tesco said: “We take our customers’ security very seriously and regularly inspect our network of ATMs. “As a precaution we have sent an engineer to inspect this ATM to ensure that the features installed to protect our customers are functioning as normal. “If customers are concerned about suspicious transactions on their account, we advise … [Read more...] about Warning after card fraud device spotted in Norfolk town
caption Debit cards can put you at risk. source Joe Raedle/Getty Images Debit card fraud increased by 10% from 2016 to 2017, according to FICO. Since debit cards are linked to bank accounts, they don’t offer as much fraud protection as credit cards. Here’s when you shouldn’t use a debit card – and when you should use cash or a credit card instead. Swipe with caution. While a debit card can help prevent you from racking up some serious credit card debt, it can also put you in a more dangerous situation – like the risk of identity theft or fraudulent charges. Trust me, I know from experience. I’ve always been an avid debit card user – I love tracking where my money goes, which seems nearly impossible to do with cash, and I aim to keep my credit utilization under 30% to keep my credit score in good standing. That said, I use my debit card for a decent bulk of my … [Read more...] about The riskiest places to swipe your debit card
These days, with all of our card options, not to mention Venmo and PayPal and Zelle, you do not need to carry huge amounts of cash — or any — when traveling. That does not necessarily mean your finances are safer. “Skimmers” can grab your financial data when you swipe your card, and you may not know anything about it until you literally pay the price.And skimming is on the rise. Last year, analytics firm FICO found, there was a 10 percent increase in the United States in payment cards that were compromised at ATMs and merchant card readers — following a 70 percent rise in 2016. Between 2014 and 2015, FICO reported a 546 percent increase in ATMs that were compromised by criminals.While the trained eye may be able to detect some skimmers (they can be attached to a cash machine or reader and may move if you wiggle them) others are all but invisible, consisting of a wafer-thin reader that fits inside the actual card slot. Skimmers can be placed … [Read more...] about Avoid ATMs on weekends, choose your gas pump wisely and other tips to keep your finances safe when traveling