Is Your Chip Card Secure? Much Depends on Where You Bank
Summary: Malware attacks on U.S. merchants indicate thieves are exploiting weak EMV implementations at some financial institutions to create usable counterfeit magnetic stripe cards from intercepted chip transaction data. Cyber R&D Labs tested 11 chip card implementations from 10 banks in Europe and the U.S. and cloned magnetic stripe cards from four of them that were successfully used for transactions.
Why it matters: Visa and Gemini Advisory tied recent breaches, including Key Food and a Georgia liquor store, to EMV data sold on dark web shops, and Gemini's Stas Alforov said larger issuers like Chase and Bank of America check for iCVV and CVV mismatches while some smaller institutions do not - leaving those banks unable to spot chip-based fraud patterns.
Read the original at Krebs on Security ↗
- Topics
- Data Breaches
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