Thieves Crack Chip And Pin Bank Accounts

Thieves Crack Chip And Pin Bank Accounts

www.express.co.uk

Crime gangs have cracked the chip and pin system, leaving millions of British bank accounts at risk of being plundered.

Banks and customers are powerless to pre-vent the thieves helping themselves to their cash, experts warned.

Thousands of accounts have already been hit by the crooks, who are stealing codes from card readers at shop checkouts.

Anyone who uses a chip and pin card to pay for their shopping is a potential target.

Gangs are hiding devices inside card readers to reveal customers’ pin numbers.

These are emailed across the world and used to clone a new card, which is then utilised to empty the victims’ bank accounts.

(visit the link for the full news article)



[title: All Caps]
Mod Edit: All Caps – Please Review This Link.

[edit on 14-8-2008 by 12m8keall2c]

Chip and pin is now pretty much the standard in Europe, so this affects hundreds of millions of people, or it will do.

Scary thought, and makes you wonder how to keep your money safe in this techie age.

180 degree thinking: In these days of mindless money creation at the push of a button by TPTB, are the techno thieves doing us a favor by eventually forcing us back to cash for security, and perhaps a return to the gold standard to back up the cash supply?

www.express.co.uk
(visit the link for the full news article)

It's been done for a long time now, gas pumps, EZPass, ATM's, etc. all have rather easy means of cloning and or capture for magnetic read cards.

RFID's are quite easy to clone as well, so there isn't too many options left other than good old cash these days if ya wanna be a hundred percent sure.

Heck, even calling a card over the phone to a retailer or utilities can be recorded by an outside party and then they simply place a visual or audible transmitter near the ATM'S or stores that the person often frequents based on the info collected through the internet or through a debt collection company that is affiliated with the entity your doing business with.

So, really unless you do face to face cash business there is no guarantee of protection in any form through electronic transactions.

That's why I'm cash money baby!!!