Sunday, January 8, 2012

Stealing ATM card data is all too easy, say experts

Singapore - The magnetic strips used in ATM cards here utilise a type of technology that is at least 30 years old, said computer security experts.

The best prevention against ATM fraud is to switch to a smart card technology that would entail embedding a computer chip into the card, they added, but practical difficulties mean this solution will not be adopted any time soon.
The issue of ATM card security came into focus last week after fraudsters stole about $500,000 from about 400 customers in two days as part of what was believed to be an ATM-skimming scam.

'Anyone can buy an electronic card reader to 'read' the information on the magnetic strip,' said Dr Derek Kiong, a computer security lecturer. The chip on a smart card, on the other hand, encrypts the personal information and makes it tougher for any thief to steal it, he added.

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