A top cyber security researcher has warned German banks that their retail payment systems have security flaws that could allow fraudsters to steal payment card PIN codes, create fake cards or siphon funds from customer or merchant accounts.
Karsten Nohl, who is credited with revealing major security threats in mobile phones, automobiles, security cards and thumb-sized USB drives, told Reuters he has found critical weaknesses in software that runs retail point-of-sale terminals in Germany.
Nohl outlined two types of attacks. One to steal personal identification numbers (PIN) or spoof transactions when customers pay at checkout tills and a second method that tricks payment processors that act as intermediaries between banks and merchants to transfer funds into other, fraudulent accounts.
Original Source: Reuters
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