There has been an enormous increase in the number of credit / debit card fraud where many innocent people lost their money. Recently a new advanced technique has been revealed which is widely used by attackers.
Normally the E-card fraud will be exposed only when the user suffer a huge money loss at bank balance sheet. It will be too late to act and the money is lost.
Many users uses their card for purchases at the small retail store for payment and the payment will be made through a small square device. Many retailers will ask the user for their PIN telling that the machine is in another room. It is one simple way of stealing the card.
Another advanced technology is that turning the device into the skimmer which stores the card information and it can be used to make duplicate card with the same data as on original card.
The device thus stored the information and they can also be used to make online payment also in many cases and knowing the PIN it is very easy to withdraw the money from ATMs.
The another thing is that the malicious app can be installed in the smartphones that can be used as a skimmer device and thus the information can be captured and can be used to make duplicate cards.
Security Researchers also revealed that it is possible to even playback the purchase that was made earlier. Which means if a user makes a payment of 500 rs the same can be repeated after the user leaves.
Users are recommended not to reveal PIN to any retailer if asked and also should have an eye while the card has been used for the purchase payment and it is mandatory to go through the bank statement periodically for preventing any loss of money.
P.S : The post is to create awareness and not to be misused.
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