Yesterday, federal prosecutors in Brooklyn revealed that an international team of thieves had stolen close to million in the biggest ATM fraud case in history.
The heist required some hacking and a lot of orchestration, so news organizations and police forces have been calling it high-tech and "sophisticated." Which it isn't, really!
The thieves evidently had a magnetic card reader/writer, the same kind hotels use to imprint code on magnetic room keys.
Using any card with a magnetic strip--old credit cards, hotel keys--hell, you could use a driver's license, though you wouldn't want to use your own--they imprinted this new data.
Our results expose significant failings in the entire evaluation and certification process.
They raised or eliminated the withdrawal limit on those cards--usually just a few hundred dollars--and jotted down the identifying data for these new, illicit cards-to-be.
If the option is available, it means the host speaks English, so it is a good thing.
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Fraudsters, with basic technical skills, can record this information and create fake cards which may be used to withdraw cash from ATMs abroad, and even some in the UK.
These failures are despite the terminals being certified secure under the Visa approval scheme, and in the case of the Ingenico, the Common Criteria system.