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

Related Articles

5 key tech innovations helping accountants transform their businesses

Accounting Software 5 key tech innovations helping accountants transform their businesses

2w Heather Darnell, Founder of Ask the BOSS
Finance and the tech foundation: what’s needed to deliver impactful business insights?

Accounting Software Finance and the tech foundation: what’s needed to deliver impactful business insights?

3m Workday | Sponsored
Best accounting software for businesses in the UK

Accounting Software Best accounting software for businesses in the UK

3m Accountancy Age, Reporters
Making sense of enterprise tech concepts for finance teams

Accounting Software Making sense of enterprise tech concepts for finance teams

4m Workday | Sponsored
Open Banking: what you need to know

Accounting Software Open Banking: what you need to know

4m Edward Berks, Xero
Accountancy in the digital age: Flexibility, agility, efficiency

Accounting Software Accountancy in the digital age: Flexibility, agility, efficiency

6m Pegasus Software | Sponsored
Sage purchases Intacct in its largest ever acquisition

Accounting Software Sage purchases Intacct in its largest ever acquisition

10m Alia Shoaib, Reporter
5 tips for SMEs to protect cash flow

Accounting Software 5 tips for SMEs to protect cash flow

10m Alia Shoaib, Reporter