[18039] in cryptography@c2.net mail archive
[Clips] Online ID Thieves Exploit Lax ATM Security
daemon@ATHENA.MIT.EDU (R.A. Hettinga)
Tue Aug 2 17:22:39 2005
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Date: Tue, 2 Aug 2005 09:44:15 -0400
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From: "R.A. Hettinga" <rah@shipwright.com>
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Date: Tue, 2 Aug 2005 09:41:54 -0400
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From: "R.A. Hettinga" <rah@shipwright.com>
Subject: [Clips] Online ID Thieves Exploit Lax ATM Security
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<http://online.wsj.com/article_print/0,,SB112295453682902381,00.html>
The Wall Street Journal
August 2, 2005
Online ID Thieves
Exploit Lax ATM Security
DOW JONES NEWSWIRES
August 2, 2005
Online identity thieves are exploiting lax cash-machine security to bilk
banks out of as much as a million dollars a month each, a report from
research firm Gartner Inc. shows.
According to the report, which is scheduled for release today, fraudsters
are increasingly gathering consumer automated-teller-machine information
with "phishing" scams and hacker programs for capturing keystrokes, which
they are using to make fake cards and empty consumer bank accounts.
Gartner said thieves are taking advantage of the fact that as many as half
of banks don't check special, difficult-to-steal security codes that are
hidden on ATM cards' magnetic strips before dispensing cash, Gartner says.
Attackers even trade information online about which banks don't check the
codes.
"They're phishing for the account number and PIN. That's all they need to
create a counterfeit card," said Gartner analyst Avivah Litan. In phishing
scams, fraudsters use deceptive email and Web sites to trick people into
divulging sensitive financial information.
ATM fraud is emerging as a major new problem for banks. Losses are
approaching those from credit-card fraud, a Gartner survey of 5,000
consumers found. The firm estimates ATM fraud resulted in $2.75 billion in
losses in the year ended May 2005, compared with $2.9 billion for
credit-card fraud and $3.5 billion for fraudulent checking-account
transfers.
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R. A. Hettinga <mailto: rah@ibuc.com>
The Internet Bearer Underwriting Corporation <http://www.ibuc.com/>
44 Farquhar Street, Boston, MA 02131 USA
"... however it may deserve respect for its usefulness and antiquity,
[predicting the end of the world] has not been found agreeable to
experience." -- Edward Gibbon, 'Decline and Fall of the Roman Empire'
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--
-----------------
R. A. Hettinga <mailto: rah@ibuc.com>
The Internet Bearer Underwriting Corporation <http://www.ibuc.com/>
44 Farquhar Street, Boston, MA 02131 USA
"... however it may deserve respect for its usefulness and antiquity,
[predicting the end of the world] has not been found agreeable to
experience." -- Edward Gibbon, 'Decline and Fall of the Roman Empire'
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