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Posts tagged ‘Credit card’

Uber Gets Into The Credit Card Business


Begining November 2, Uber will give users the option to get the card right in its app and will populate all of the information they have on file for their customers into the application. You also can apply for the card online.

After a few minutes, an applicant can get a verdict yes or no. The card is automatically available for use for Uber rides and UberEats purchases and a physical card will show up in the mail within a week or so.



Hackers Stole Sensitive Data From Equifax


The cyber attack today, which occurred sometime between the middle of May 2017 and July 29. What makes the Equifax attack particularly troublesome is the company’s status as a central clearinghouse for sensitive credit-related information including social security numbers, driver’s license numbers, and other data that can be used in a variety of ways to harm those affected.

While the Equifax breach isn’t the largest in terms of the number of victims — however,because of the kind of personal information that was stolen is troubling. Examples of sensitive information include 209,000 credit card numbers, personal information relating to credit disputes for 182,000 victims, and data that could be further used to access medical histories, bank accounts, and more.

Equifax has established a web site that individuals can visit to learn more about the attack, find out if they’re affected, and enroll in free identity theft protection and file monitoring services. If you’ve ever applied for credit — and that’s most people — it’s a good idea to head over to the site sooner rather than later.

Hackers Guessing Your Visa Card In Seconds


Researchers at Newcastle University in the UK claims that Visa’s credit-card payment system can be compromised online in “as little as six seconds.” The security flaw was possibly the point of entry for the cyber-attack on the UK’s Tesco Bank that lost £2.5 million.This isn’t some high-level hacking going on here either — all it takes for a determined thief to grab card data and a laptop with an internet connection with some basic guesswork, the paper says.

The team of researchers, led by PhD student Mohammed Ali, call the method “the Distributed Guessing Attack.” The approach: a thief generates random numbers to guess combinations of card numbers, expiration dates and CVV codes (that three-digit number typically found on the back of the card). The video below demonstrates just how easy it is to generate all of these fields quickly: According to the paper, there are three levels of data fields used by web merchants: Card Number + Expiry date; Card Number + Expiry date + CVV; Card Number + Expiry date + CVV + Address. 

It takes just a  few attempts to guess the data once the hack is put into motion with an active card number. Most cards are valid for 60 months, so guessing the expiration date takes at most 60 attempts. 

The CVV is a bit more difficult to find, but not by much: the team estimates about 1,000 attempts at most. “Spread this out over 1,000 websites and one will come back verified within a couple of seconds,” Ali said.

The research paper, whose lead author is a 26-year-old PhD student, said the good news for people with MasterCard debit and credit cards was that this form of hacking did not work on MasterCards, because its systems were able to detect the attacks. It added that the minority of online retailers that used so-called 3D Secure technology to provide extra protection – such as the Verified by Visa, Mastercard SecureCode and American Express SafeKey systems – were also “safe” from this type of attack.







Traveling To Europe & Credit Cards


The latest credit card technology is an embedded computer chip. europe and other countries are already using the new chip cards. The main difference between the old cards and the new cards is that the data is static on a magnetic stripe, but changes with every transaction on an embedded chip card. (this is called dynamic authentication).  Chip cards are more secure than the magnetic stripe cards. If a hacker steals the data from a magnetic stripe card, he has all the information necessary to use that card until the theft is discovered. Chip cards, on the other hand, create a unique transaction code every time the card is used, so stolen transaction data is useless. That’s not to say they are completely safe from fraud. But a security breach is far less likely to occur on a chip-enabled card.Chip cards employ EMV technology which stands for Europay, MasterCard and Visa, the original developers of the smart chip technology. Many U.S. credit cards already contain an embedded EMV chip. However most of these cards require signature validation, not PIN validation. In part, that’s because to make the full transition to chip-and-PIN cards, merchant card readers all need to be replaced with terminals that can handle the new technology.The goal of EMV technology is to thwart fraud and reduce resulting losses for everyone. To encourage full compliance with the new technology, Visa and MasterCard will shift liability for preventable fraud losses to merchants who don’t install the new machines. When traveling outside the U.S. you should request a chip-and-PIN (not chip-and-signature) card from your bank. In some parts of Europe, the transition to chip-and-PIN readers is nearly complete.

Eventually all U.S. credit cards will be chip-enabled. Current cards will be replaced by chip cards as they expire. The transition, which will take several years. Consumers in the U.S. should be able to pay using either a chip-enabled or a magnetic stripe card. In other parts of the world, however, shoppers may have trouble using a magnetic stripe card, particularly at unmanned kiosks or gas pumps.

No Pins , No Passwords


SmartMetric  authentication scanner is  the world’s first and only fingerprint scanner inside a credit card.The SmartMetric authentication solution that has a fully functional self powered fingerprint reader built inside a credit card, the company President says ” this is a game changing technological leap that will save financial institutions around the world Billions from fraud.”But like many so called “overnight” successes and breakthrough technologies, SmartMetric has doggedly pursued the development of this technology for a decade. The SmartMetric solution was created to work with existing ATM and in store payment machines using the EMV standard chip on card interface. A person can just  simply touche their credit card, a scan is made of their fingerprint and if it is the card owner, then the EMV chip is activated to then work in a standard ATM or retail POS machine. Saying goodbye to old passwords and pins.


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