http://gizmodo.com/report-a-flaw-in-visas-contactless-card-lets-anyone-ch-1653974432
By Kelsey Campbell-Dollaghan
Gizmodo.com
November 3, 2014
Contactless credit cards are a hit in the UK. But a British research team
has revealed a serious security flaw that allows anyone to charge up to
$999,999.99 in foreign currency to a nearby card, even while it's still in
a wallet or purse.
Contactless cards let you buy things without a pin, up to a certain limit
(£20 in the UK), thanks to radio waves emitted from the card and picked up
by a nearby terminal. But according to a team from Newcastle University,
there's a serious security flaw in at least one major company's
contactless system.
At the ACM Conference on Computer and Communications Security, which is
going on this week in Arizona, the team explained how it's easy to set up
a point-of-sale terminal using a phone, then create a transaction of up to
$999,999.99. Crucially, the payment amount must be requested in foreign
currency, otherwise the £20 limit will kick in. Here's a video of the lead
author, Martin Emms, demonstrating the hack for the BBC.
"By pre-setting the amount you want to transfer, you can bump your mobile
against someone's pocket or swipe your phone over a wallet left on a table
and approve a transaction. In our tests, it took less than a second for
the transaction to be approved,"said lEmms in a release about the study.
"All a criminal would need to do is set up somewhere like an airport or
the London underground where the use of different currencies would appear
legitimate."
[...]
--
Evident.io - Continuous Cloud Security for AWS.
Identify and mitigate risks in 5 minutes or less.
Sign up for a free trial @ https://evident.io/
