Scientists at Cambridge University claim to have found a way to trick the chip and pin system into accepting a stolen credit or debit card without needing the correct pin.
They say the flaw casts doubt on the integrity of the entire system.
For additional information on how to identify these scams, please see the Top 10 Warning Signs page. He accessed a few online auction websites and finally chose one that gave him a very good deal.
He bid, won, and paid for the product using his debit card.
Some viruses harm your computer, while others have the ability to steal your personal information and ultimately your identity.
Be skeptical when receiving emails that look as if they came from your bank or other financial institution particularly if they ask you to verify or enter personal or financial information.
Please note that if you wish to pay for the priority service, the latest you can drop in is 4pm.This would come to the attention of the card issuers, which would realise that customers were not to blame, and refund them accordingly." The vast majority of the complaints the FOS received about disputed transactions turned on the individual circumstances of the cardholder, such as family or colleagues stealing cards and guessing pins, rather than sophisticated hi-tech fraud, he added."Some complainants often think they have been the victim of a hi-tech fraud, but when we investigate it turns out to be something much more mundane, such as a teenage child 'borrowing' the card, guessing the pin and using it at the local record store." The UK Payments Administration admitted that there was no such thing as 100pc security.The "man in the middle" technique involves having a separate card reader in a back pack.The fraudster puts the stolen credit or debit card into the shop's reader, but then the second reader in his bag sends a "pin OK" signal to the shop terminal.