It seems that there is no end to the sophisticated ways the bad guys have to get our money. Now it seems that they’ve figured out a way to get our PINs for easier access to credit and debit fraud. According to an article in Wired.com they’ve figured out a way to get the encrypted PIN blocks and using complex ways to un-encrypt them.
This probably isn’t going to make much difference to merchants in the short term since PINs aren’t part of our fraud prevention. In the long haul I’d expect it to have an impact on us both as merchants and cardholders. The financial institutions will eat the losses on this one and you can bet the fees and interest rates will all go up to cover the loss.
Are you worried yet?
Similar Posts:
- Credit card fraud trends
- Chip and PIN continues to shift fraud
- Fraud trend updates
- Dumpster diving, phishing, skimming, and now we have shimming
- Albert Gonzales may be in Jail but it ain’t over for a long time.
