chip cards – Network Securitas

April 5, 2018

Secret Service Warns of Chip Card Scheme

This post was originally published on this siteThe U.S. Secret Service is warning financial institutions about a new scam involving the temporary theft of chip-based debit cards issued to large corporations. In this scheme, the fraudsters intercept new debit cards in the mail and replace the chips on the cards with chips from old cards. When the unsuspecting business receives and activates the modified card, thieves can start draining funds from the account. Signs of a card with an old or invalid chip include heat damage around the chip or on the card, or a small hole in the plastic […]

July 30, 2020

Is Your Chip Card Secure? Much Depends on Where You Bank

This post was originally published on this siteChip-based credit and debit cards are designed to make it infeasible for skimming devices or malware to clone your card when you pay for something by dipping the chip instead of swiping the stripe. But a recent series of malware attacks on U.S.-based merchants suggest thieves are exploiting weaknesses in how certain financial institutions have implemented the technology to sidestep key chip card security features and effectively create usable, counterfeit cards. A chip-based credit card. Image: Wikipedia. Traditional payment cards encode cardholder account data in plain text on a magnetic stripe, which can […]