There's an interesting card fraud taking place in India, where - if the newswires are to be believed - a group of hackers have developed a card cloning technique that also makes the EFTPOS machine being used for a transaction go offline.
According to the Times of India report, the Indian Plod are worried about the method which the 32-year-old fraudster - who has just been arrested - used in his fraud.
"Kalpesh (the alleged fraudster) could actually make the card swipe machines go offline. It is still not clear how. In the online mode, the machine sends transaction information, realtime, to the central server which keeps a watch over all transactions simultaneously," said a police spokesperson.
Not only does this modus operandi prevent the EFTPOS machine from cross-referencing the card to a daily fraud hotlist, but it also allowed the alleged fraudster to make purchases "even with a wrong CVV number."
Wow - now that is impressive. I dare say this case will have a lot of Visa and MasterCard senior execs rather worried. Read more on the arrest etc., here...
