https://krebsonsecurity.com/2018/11/sms-phishing-cardless-atm-profit/
Many of you may have seen the commercials with bank customers accessing ATM’s with just their phones. All it takes is a debit card added to a digital wallet and an NFC capable ATM. Well, it didn’t take long for the fraudsters to exploit this new fraud channel. This is a good article detailing one of the methods they use to accomplish this. Let me emphasize that this is only one of many methods they can use.
Connor Fairman says
This is an area that really interests me because we seem to be gravitating as a society towards fully digital transactions. I honestly didn’t know we could do cardless transactions nowadays. One thing that has stood out from class have been the vulnerabilities of a lot of bank websites, where there is the danger of customer passwords being stolen. I’ve been worried about banking and the hacking of accounts for a while now. After all, credit card skimming is nothing new. However, after having done some work with smart contracts and cryptocurrencies, I now think that, while there are certainly dangers, banks are actually safer than other alternatives. At least they can take measures to recover your money. The same can’t be said for other forms of money.
Brock Donnelly says
I wonder if this could have been mitigated if the company providing careless transactions of ATM provided spamming education when their members signed up? I know my bank which happens to be a credit union frequently send messages that you shouldn’t trust anyone that contacts you stating they are form the bank ESPECIIALY if they are requesting account information.
As my own personal rule I do not perform account verifications with anyone of the phone if I did not initiate the call. It makes a lot of legitimate callers angry but I don’t care. If you calling me and I answer you need to verify who I am without asking me my address or other identifiers.