TVMs and Credit Card Cloning

[Steve Harris]

Not quite. The NFC app will read the Contactless part of the card. It will give the app-holder some information about the card, but (theoretically) not enough to be able to complete a transaction on its own. Retailers who don't use CVV or 3D Secure could be used with the data off the NFC chip, but there aren't many of them.

Im just going off what was said on tv and what i can remember.

As i dont have a photographic memory and as we know, tv programmes do stretch the "truth" sometimes, i wont disagree with you. I was merely suggesting that there is more than skimming out there to commit fraud.

 

[route:oxford]

I don’t know it was fags and booze but it was 6 separate transactions of about 100 quid in 6 different Co-Op food shops within an hour or two. I am only guessing they weren’t buying cabbages and chickens.

Ok. Co-op doesn't surprise me.

Believe it or not, it might not be "booze and fags" - they are heavy or bulky and end up being sold at a considerable discount.

Whereas a £50 gift card for Amazon, M&S, Google, John Lewis, might be sold for £40 - £45 and can be laundered for cash almost instantly.

 

[CarlSilva]

If the card compaines and banks don't make their systems harder to get round, its' theri loss. Theyv'e obvioisly got money to burn.

 

[zaax]

I don’t know it was fags and booze but it was 6 separate transactions of about 100 quid in 6 different Co-Op food shops within an hour or two. I am only guessing they weren’t buying cabbages and chickens.

Your not allowed fags and booze on a corporate card

 

[jon0844]

I wish more banks would do what Monzo does and allow you to enable the magstripe[1] manually only when you need it, or even better issue two cards, one with a chip but no magstripe for domestic use and one with a magstripe but no chip for use on holiday.

[1] Not the stripe itself, but they automatically reject non-chip authorisations unless you turn it on on the app.

Revolut and Starling do similar. I think you can get extra cards for some of them too, locking some in different ways (for example, restricting the magstrip, restricting the chip, blocking the card entirely, changing the PIN, using geofencing so it will only work if you're near the location and so on).

This sort of security puts the big banks to shame. As long as users use the features!

 

[Bletchleyite]

Your not allowed fags and booze on a corporate card

Depends on the card. When I used to have one there were no restrictions on what could be purchased with it (booze certainly could be as I covered the cost of a few official company events in pubs; fags I never had any cause to purchase). However I'd have got the sack if I had used it to purchase personal items - not that that would concern a fraudster!

 

[Bletchleyite]

Revolut and Starling do similar. I think you can get extra cards for some of them too, locking some in different ways (for example, restricting the magstrip, restricting the chip, blocking the card entirely, changing the PIN, using geofencing so it will only work if you're near the location and so on).

This sort of security puts the big banks to shame. As long as users use the features!

Though to be fair to the big banks Monzo doesn't use 3D Secure. That is a gap I wish they would fill.

 

[Tetchytyke]

as we know, tv programmes do stretch the "truth" sometimes i wont disagree with you. I was merely suggesting that there is more than skimming out there to commit fraud.

S'ok, I watched the same episode so knew what you'd seen