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New PIN Verification Bypass Flaw Affects Visa Contactless Payments

New PIN Verification Bypass Flaw Affects Visa Contactless Payments

Sep 07, 2020
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
Visa Wants To Track Your Smartphone to Prevent Credit Card Fraud

Visa Wants To Track Your Smartphone to Prevent Credit Card Fraud

Feb 16, 2015
If you are a traveler and loves to travel then you must be annoyed of those calls you sometimes get from your bank when buying things far from home, and the most annoyed part is when the company won't approve the transaction as it fears your card was stolen. VISA MOBILE LOCATION CONFIRMATION APP The payment processing and credit card giant Visa has came forward to put an end to this problem by letting cardholders the chance to buy things wherever they are. The company plans to release a new location-based feature that will help cardholders to update their location via smartphone. Starting in April, the banks will include the software application, dubbed Visa Mobile Location Confirmation , in their smartphone apps. The app will use cardholders smartphone's ability to locate itself and verify that they're near where the card is being used. IN WAKE OF INCREASING CREDIT CARD FRAUD The idea behind this new move is to reduce the rising incidents of credit card fraud and fraud
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