Credit Card News

Advertising Disclosure
Credit-Land.com is an independent, advertising-supported web site. Credit-Land.com receives compensation from many credit card issuers whose offers appear on our site. Compensation from our advertising partners impacts how and where their products appear on our site, including, for example, the order in which they may appear within review lists. Credit-Land.com has not reviewed all available credit card offers in the marketplace.
Credit Card Applications » News » Other » Connecticut latest target of thieves, new technology sought

Connecticut latest target of thieves, new technology sought

By
Add to Favorites:
Connecticut latest target of thieves, new technology sought

Financial consultant Doug Nicholas says that Connecticut bank cardholders have recently become the latest soft target for fraudsters. Matters are now under investigation by the US Secret Service. Connecticut along with 10 other states has been prime targets of the thieves since the start of the year. The US Secret Service says that what the thieves do is use skimming devices installed at ATMs or cash registers across the country to tamper with credit and debit cards and gather the PIN numbers as well as the all-important authorization codes.


Retail segment fraud practice researcher Oliver Mertile said that the US, with Connecticut as the latest target, may experience more of credit card security problems in the future with other different states becoming a place where the thieves` technologies cannot be countered by authorities. For this, he suggests that authorities adopt the same technologies present in Canada, China, Indonesia, Mexico, and Saudi Arabia which use the EMV cards. The cards have encrypted forms where account details are stored in smart chips.


Mertile further says that the country`s maintenance of the magnetic stripe technology for four decades now could mean even more vulnerability because the fraudsters have surpassed security mechanisms with their more advanced technologies.


The security features of the encryption technology present in the countries mentioned above could largely decrease the number of frauds should the financial institutions adopt the EMV cards, Mertile argues. At best, the experts also say that a new technology will prevent huge amount of losses incurred by individuals and institutions due to their vulnerabilities in credit security or protection.


Mertile adds that skimming devices installed at ATMs for the PIN and authorization codes also led to the production of many fake cards sold on the black market. The losses incurred by banks from the illegal activities amount to $200, 000. The stolen account information via the skimming devices is also easily transferable which costs the financial institutions more.


The technologies that the fraudsters use, Nicholas says, can be bought on the internet at 10 dollars and 35 dollars for the encoder obtaining data from the magnetic stripe. Transferring information on other cards can then be easily done to produce fake counterparts. For this, Nicholas suggests that in order to avoid more cardholders from being victimized due to the existing fake and cloned cards, a new technology must be adopted.

Add to Favorites:

Related News:

IBM & Visa Partnering Up to Connect up to 20 Billion Devices to Payments

By Dar Dowling, Posted: February 23, 2017

Have you ever wished you could make a payment from your ring, an appliance or maybe even your car? Well your wish may well come true due to a collaboration between IBM and Visa, designed to enable payments from all kinds of devices and ... Continue reading
Finances and Marriage – Its an Issue

By Dar Dowling, Posted: February 22, 2017

Finances can play a very real role in divorce, but it can also have a profound effect on a couple’s financial health after divorce papers have been signed and put away, according to a new national study by Experian. Continue reading
Small and Medium Businesses Are Feeling Hopeful and Confident

By Dar Dowling, Posted: February 21, 2017

If you have felt a sense of hopefulness when visiting small and medium-sized businesses, you’re in sync with the trending vibe, according to the inaugural American Express Global SME Pulse. The study found that these businesses are feeling ... Continue reading
Get the latest news, articles and expert advice delivered to your inbox. It's FREE.
Unlimited 1.5x rewards on every purchase, every day. For every $1 you spend, you earn 1.5x Miles.
For Excellent, Good Credit
Get a dollar-for-dollar match of all the cash back you’ve earned at the end of your first year, automatically.
For Excellent, Good Credit
Guaranteed $500 Unsecured Credit Limit
For Bad Credit