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October 24, 2013, 07:54:30 PM |
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Card cloning the ability to grab information from the magnetic media or chip of a debit/credit card to gain access to funds. this can be done by fitting a thin slip of electronics into the card insert hole of ATMS, and using a miniature camera, to see the pin number entries an ATM user presses
Real Life Examples this happens hundreds of times a day, all around the world and unless the ATM user is carefully examining the card insert hole or the plastic surround of the ATM for something out of place, they would be none the wiser
Can Bitcoin or CC Derived Technologies Resolve It? bitcoin does not have this problem and CC companies would have to totally remove the weakness, which is the pin number that people dont change often
If so How? upgrading ATMs to sense if 'alien' devices are inserted, change the whole pincode system to something that cannot be easily abused using a recording device or a glance over a victims shoulder during use.
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