Saturday, November 15, 2014

Visa's contactless payment system security flaw

Visa - a digital payment company is under fire for its contactless payment system by a cyber security researcher from Newcastle University. According to researcher, criminals can make illegal huge transactions in any currency from visa holder accounts through point-of-sale machines. The researcher claims, an intruder enters the amount needed to be transferred after creating a fake POS terminal on a mobile phone or ATM. When a Visa card contacts with that POS terminal, approval of transaction is made with a code supplied by the card. That code is used by the bank to release the fund. Lead researcher, Martin Emms told that POS terminal can read a card even it is placed in the wallet. <more>

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