VISA Payment Card | Breaking Cybersecurity News | The Hacker News

Even as Visa issued a warning about a new JavaScript web skimmer known as Baka , cybersecurity researchers have uncovered an authentication flaw in the company's EMV enabled payment cards that permits cybercriminals to obtain funds and defraud cardholders as well as merchants illicitly. The research , published by a group of academics from the ETH Zurich, is a PIN bypass attack that allows the adversaries to leverage a victim's stolen or lost credit card for making high-value purchases without knowledge of the card's PIN, and even trick a point of sale (PoS) terminal into accepting an unauthentic offline card transaction. All modern contactless cards that make use of the Visa protocol, including Visa Credit, Visa Debit, Visa Electron, and V Pay cards, are affected by the security flaw, but the researchers posited it could apply to EMV protocols implemented by Discover and UnionPay as well. The loophole, however, doesn't impact Mastercard, American Express, and JC

Security researchers from Newcastle University in the UK have found a way to steal larger amounts of money from people's pockets using just a mobile phone, due to a security glitch Visa's contactless payment cards. Contactless payment cards use a cryptoprocessor and RFID technology to perform secure transactions without a need to insert the card in a reader, even an NFC-equipped mobile device may also be used as a payment card. But there is a specified limits country-wise. Contactless payment cards are meant to have a limit of £20 per purchase in UK, using which shoppers can buy things by simply tapping their card on a scanner, without having to type in a PIN. But exploiting a flaw in its protocol could allow cyber criminals to manipulate the cards to transfer up to $999,999.99 in foreign currency into a scammer's account. Researchers on Wednesday at the 21st ACM Conference on Computer and Communications Security, detailed the attack which rely on a "rogue POS te