It was reported that Londoners are being warned to be careful when using cash machines after a spate of crimes involving malware-laden ATMs. Criminals have been hacking into cash machines to install malware that would then allow large amount of money to be stolen without needing to enter a card. If you are planning on covering this news, please see below for comments from Stephen Gates, chief research intelligence analyst at NSFOCUS commented below.
Stephen Gates, Chief Research Intelligence Analyst at NSFOCUS:
“It seems these days that no matter where you use your credit/debit cards, the likelihood of the transaction processing devices being hacked is getting higher and higher. Maybe it’s time for a new method of authenticating globally that does not involve cards. Most don’t know the concept of using plastic cards for purchases, deposits, and withdrawals was developed way back in the 1960’s. The only major change in half a century is that now many cards have EMV complaint chips in them. This helped stop criminals from making their own duplicate cards, but other than that, it has not stopped fraud caused by POS/ATM malware, physical skimmers, and the like. The financial industry has to do a better job. One suggestion is to work with researchers focused on developing a new method of authentication. If not, the losses will just continue to grow.”