August 14, 2008
Chip and Pin card security under threat
Chip and Pin card owners are being warned by Police that fraudsters have found a novel way to steal their personal details and bank account information . Criminals are thought to be stealing chip and pin machines from shops in order to plant information scanning devices.
Once the card readers have been fitted with this device they are then returned to the same shop so that the criminals can collate information about the shop’s customers. The information is then used to duplicate new cards which are used to withdraw cash abroad.
The fraudulent practice came to light when Police raided a premises in Edgabston, Birmingham. The property was ,allegedly, being used as a card skimming factory. It is thought that the criminals often team up with shop members to carry out the theft of information.
Previously, industry analysts had hailed this type of card as more secure than any other type of debit or credit card.