The chip also includes an internal “counter” mechanism that gets incremented with each sequential transaction, so that a duplicate counter value or one that skips ahead may indicate data copying or other fraud to the bank that issued the card. The chip stores encrypted data about the cardholder account, as well as a “cryptogram” that allows banks to tell whether a card or transaction has been modified in any way. There are several checks that banks can use to validate the authenticity of chip card transactions. EMV cards contain a secure microchip that is designed to make the cards very difficult and expensive to counterfeit. Chip cards are synonymous with a standard called EMV (short for Europay, MasterCard and Visa), a global payment system that has already been adopted by every other G20 nation as a more secure alternative to cards that simply store account holder data on a card’s magnetic stripe. financial institutions that have not fully or properly implemented systems for accepting and validating chip-card transactions.įirst, a bit of background on chip-based cards is in order. The seller, a hacker who reportedly specializes in selling skimming products to help thieves steal card data from ATMs and point-of-sale devices, calls his product “Revolution” and offers to provide buyers with a list of U.S. Recently, KrebsOnSecurity encountered a fraudster in a popular cybercrime forum selling a fairly sophisticated software-as-a-service package to do just that. After capturing traffic from a real chip-based chip card transaction, the thieves could insert stolen card data into the transaction stream, while modifying the merchant and acquirer bank account data on-the-fly. According to one bank interviewed at the time, MasterCard officials explained that the thieves were likely in control of a payment terminal and had the ability to manipulate data fields for transactions put through that terminal. Seller in underground forum describes his “Revolution” software to conduct EMV card fraud against banks that haven’t implemented EMV fully.įraud experts said the most likely explanation for the activity was that crooks were pushing regular magnetic stripe transactions through the card network as chip card purchases using a technique known as a “replay” attack.
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