Abstract

Payment cards have evolved considerably over the decades. But a plethora of competing standards, and their patchy take-up around the globe, have left cards vulnerable to creative fraudsters. Steve Gold looks at the problem of credit and debit card fraud, the evolution of the technology, its problem with backwards compatibility, and analyses some of the more leading-edge fraud methodologies used by increasingly technology-aware cyber-criminal gangs. Credit and debit card fraud has changed significantly over the past few years. Gone are the days when fraudsters used simple skimming techniques – with pinhole cameras to record the associated PIN – at the ATM to harvest card credentials for card cloning. Today's fraudsters harvest card credentials – and allied information – on a commodity basis, using a variety of techniques.

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