Tuesday November 04, 2014

Flaw in New ‘Secure’ Credit Cards Would Let Hackers Steal $1M Per Card

If you think it is a pain in the butt dealing with your credit card company now, imagine having to dispute a one million dollar fraudulent charge on your account. eek!

According to researchers at Newcastle University in the UK, the card system developed by VISA for use in the United Kingdom fails to recognize transactions made in non-UK foreign currencies and can therefore be tricked into approving any transaction up to 999,999.99. What’s more, because the cards allow for contactless transactions, a thief carrying a card reader designed to read a card that’s stored in a wallet or purse could conduct fraudulent transactions without the victim ever removing their card.