Skip to main content

Shimmers and Skimmers: Fraudsters Find Opportunity in EMV Chip Cards - PaymentsJournal

xxx

if a bank fails to perform a critical verification step, then you might have a problem

From Shimmers and Skimmers: Fraudsters Find Opportunity in EMV Chip Cards - PaymentsJournal.

Hello. What are they talking about? What is this “critical verification step” that banks might fail to perform (or, at least, banks not advised by Consult Hyperion might fail to perform)? To understand what they are talking about here, you have to understand that you cannot create a counterfeit chip card in the same way that you can create a counterfeit magnetic stripe card. The chips contain a private key that is never revealed, so if you capture all of the data that is on a card or exchanged with a terminal during the process of a transaction, you will obtain the card number and expiry date and so on (these things are not encrypted between the card and the terminal) but so what? You cannot make a fake chip stripe card with these details because you don’t have that pesky private key so you can’t add the correct digital signature to a transaction.

Now, you could of course just make a random signature and hope that the issuing bank doesn’t check it. But that would be ridiculous because surely all banks would check the digital signatures on all transactions, right? Wrong. As we wrote about here many years ago, some banks do not 

Comments

Post a Comment

Popular posts from this blog

new survey results from USA Technologies (USAT) suggest. The payments technology company, which enables electronic payments for self-service machines, compared consumer spending activity at 35 of its vending machines in urban areas with a high concentration of iPhone users between week one and week four of the installation of new digital signage promoting Apple Pay. Consumers made more contactless purchases: The vending machine providers saw an average contactless transaction revenue increase of 89%, implying that consumers are making more mobile payments. This was likely driven by the clear advertisement of Apple Pay. Total transactions increased: Consumers made more purchases overall. This was probably driven by an uptick in mobile payments, given the major increase in contactless transaction revenue. And the vending machines may have attracted many first-time users who were drawn in by the digital advertising of Apple Pay. Boosting awareness is key to unlocking pent-up demand amon...
Post a Comment
Read more

David | LinkedIn

Alex Todd rather kindly called this a “most lucid explanation of digital identity management” I would highly recommend this presentation to anyone interested in understanding prospective blockchain based identity architectures From David | LinkedIn This is very kind, but as I said in the link, this is thinking out loud and far from a fully-developed solution. We’re working on parts of this for different clients and I can see that there is something there - a genuinely new way of solving some old problems - but it’s early days.
Post a Comment
Read more

Crystal clear: Creating hyper-transparent property markets - JLL Real Views

xxx The issue of transparency is going to play a major role in the allocation of an avalanche of global commercial investment into real estate over the next decade. With total sums at stake predicted to rise from US$700 billion to over $1 trillion a year by the mid 2020s, according to JLL, countries and cities which meet investor demands on transparency will be best placed to attract these capital flows. From Crystal clear: Creating hyper-transparent property markets - JLL Real Views xxx
Post a Comment
Read more