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How Hackers Can Hack Your Chip-and-PIN Credit Cards

How Hackers Can Hack Your Chip-and-PIN Credit Cards

Oct 21, 2015
October 1, 2015, was the end of the deadline for U.S. citizens to switch to Chip-enabled Credit Cards for making the transactions through swipe cards safer. Now, a group of French forensics researchers have inspected a real-world case in which criminals played smart in such a way that they did a seamless chip-switching trick with a slip of plastic that it was identical to a normal credit card. The researchers from the École Normale Supérieure University and the Science and Technology Institute CEA did a combined study of the subject, publishing a research paper [ PDF ] that gives details of a unique credit card fraud analyzed by them. What's the Case? Back in 2011 and 2012, police arrested five French citizens for stealing about 600,000 Euros (~ $680,000) as a result of the card fraud scheme, in spite of the Chip-and-PIN cards protections. How did the Chip-and-Pin Card Fraud Scheme Work? On investigating the case, the researchers discovered that the n
Target finally Plans to issue Chip and PIN Credit Cards

Target finally Plans to issue Chip and PIN Credit Cards

Apr 30, 2014
The massive data breaches in U.S largest retailers ' Target ', marked the largest card heists in the U.S. history in which financial credentials of more than 110 million customers were compromised, have forced the retailer to take step towards more secure transactions. The retailer company on Tuesday said it is implementing chip-and-PIN payment card systems for its stores and will be soon working with the MasterCard to replace all of its REDcard customer cards to chip-and-PIN secured cards. The transition to chip-and-Pin-enabled REDcards is set to begin in early 2015. " The new payment terminals will be in all 1,797 U.S. stores by this September, six months ahead of schedule. In addition, by early next year, Target will enable all REDcards with chip-and-PIN technology and begin accepting payments from all chip-enabled cards in its stores, " the company said. The chip-and-PIN system, also known as the EMV standard. Instead of using a magnetic stripe to store fina
Webinar: Learn How to Stop Hackers from Exploiting Hidden Identity Weaknesses

Webinar: Learn How to Stop Hackers from Exploiting Hidden Identity Weaknesses

Apr 10, 2024Webinar / Identity Security
We all know passwords and firewalls are important, but what about the invisible threats lurking beneath the surface of your systems? Identity Threat Exposures (ITEs) are like secret tunnels for hackers – they make your security way more vulnerable than you think. Think of it like this: misconfigurations, forgotten accounts, and old settings are like cracks in your digital fortress walls. Hackers exploit these weaknesses to steal login information, gain sneaky access, and move around your systems unnoticed, whether they're in the cloud or on-site. This upcoming webinar,  " Today's Top 4 Identity Security Threat Exposures: Are You Vulnerable? "  isn't just for tech experts—it's about protecting your business.  We'll use real-world examples and insights from Silverfort's latest report to show you the hidden dangers of ITEs. You'll learn about: The Top 4 Identity Threats You Might Be Overlooking:  We'll name them and explain why they're
Payment Card processing services upgrading to Chip-and-PIN and Point-to-Point Encryption

Payment Card processing services upgrading to Chip-and-PIN and Point-to-Point Encryption

Mar 12, 2014
The massive data breaches in U.S retailers ' Target ' and ' Neiman Marcus ', in which financial credentials of more than 110 million and 1.1 million customers were compromised respectively, have put a spotlight on the need for more secure transactions. To tackle this issue, the two major payment card brands, MasterCard and Visa have announced the formation of a new cross-industry group that will focus on the security of the enhancing payment system to keep pace with the expectations of consumers, retailers and financial institutions in the United States. " The recent high-profile breaches have served as a catalyst for much needed collaboration between the retail and financial services industry on the issue of payment security," says Ryan McInerney, president of Visa Inc. "As we have long said, no one industry or technology can solve the issue of payment system fraud on its own. " The joint effort aims to advance the migration to EMV chip cards, also kno
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UPCOMING WEBINAR: Implementing What's New in NIST CSF 2.0

websiteArmorPointCybersecurity / Webinar
Learn three practical steps to implement the latest version of the NIST CSF on 4/15 at 3pm ET. Register Today!
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