TechnologyAccounting SoftwareProbe uncovers first chip-and-pin card fraud

Probe uncovers first chip-and-pin card fraud

Fraud investigators have uncovered the first chip-and-pin fraud, leaving payment systems vulnerabl

For the first time, fraud investigators have discovered chip-and-pin card
readers in the possession of criminals, signalling the next level in
sophistication of attacks on payments systems banks have been maintaining as
safe.

In the biggest raid so far, the Cheque and Plastic Crime Unit found the
terminals in a Birmingham factory set up to make cards on a ‘massive’ scale, the
Financial Times reports.

Two people have been charged with conspiracy to defraud in arrests described
by Detective Chief Inspector John Folan as a ‘significant development’ in the
unit’s work to reduce card fraud.

Apparently, by examining the terminals in their possession, fraudsters were
able to develop tracking devices that could be placed on retailers’ readers to
yield the card details of individual customers.

Further reading:

Read
the Financial Times story

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