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Cyber Risks · Krebs on Security

Secret Service: Theft Rings Turn to Fuze Cards

Summary: A U.S. Secret Service memo obtained by KrebsOnSecurity says field offices in New York and St. Louis are investigating fraud rings using Fuze Cards, a device launched in May 2017 that stores account data for up to 30 credit or debit cards and presents a chosen card through a dynamic magnetic stripe or embedded chip. The memo states thieves use the cards to avoid suspicion when shuffling multiple counterfeit cards at a register, and that a transaction may appear declined while the fraudster changes card numbers with the push of a button.

What you should know: The Secret Service warns that while this smart card technology makes up a small portion of fraudulent cards currently, investigators should expect significant increases in fraud loss amounts as it spreads - and Fuze Card's planned FuzeX, which adds virtual currency purchases, is due later this year.

Read the original at Krebs on Security ↗

Topics
Data Breaches
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