[136029] in cryptography@c2.net mail archive
Chip-and-pin card reader supply-chain subversion 'has netted millions from British shoppers'
daemon@ATHENA.MIT.EDU (John Gilmore)
Fri Oct 24 08:33:46 2008
To: cryptography@metzdowd.com, gnu@toad.com
Date: Thu, 16 Oct 2008 15:24:06 -0700
From: John Gilmore <gnu@toad.com>
[British shoppers were promised high security by switching from credit
cards to cards that have a chip in them and require that a PIN be entered
for each transaction. That was the reason for changing everything over,
at high cost in both money and inconvenience to shops and shoppers. Perhaps
chip-and-pin HAS reduced overall fraud -- but check out this elaborate
scheme that beat their security for tens of millions of UK pounds.
Now, why is this being announced by the US National Counter-
intelligence Executive, Joel Brenner? Because none of the banks or
stores is willing to admit it? Still, why publicize it at all? I
find his quote very telling: "Previously only a nation state's
intelligence service would have been capable of pulling off this type
of operation." How would he know this? Which nation-states have done
similar types of operation, and why isn't he telling the public about
THEM instead of about these other criminals?
I've long suspected that NSA's (still secret) budget (approved by a
tiny number of manipulated Congressmen) has been, uh, augmented, by
its ability to manipulate financial markets using inside information
obtained from domestic and global mass wiretaps. You don't suppose
NSA is behind the recent market volatility, do you? It's easiest to
skim off billions when trillions are hurriedly sloshing around in a
panic. --gnu]
Forwarded-By: Kurt Albershardt <kurt@nv.net>
Clever (and a tad frightening)
http://www.telegraph.co.uk/news/newstopics/politics/lawandorder/3173346/Chip-and-pin-scam-has-netted-millions-from-British-shoppers.html
http://www.telegraph.co.uk/news/worldnews/asia/pakistan/3173161/Credit-card-scam-How-it-works.html
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