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Don't Overestimate EMV Protections, Underestimate Card Thief Sophistication
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macker490
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macker490,
User Rank: Ninja
7/23/2014 | 7:44:02 AM
correcting the point of sale terminal and system
Fixing the Point of Sale Terminal (POST)

THINK: when you use your card: you are NOT authorizing ONE transaction: you are giving the merchant INDEFINITE UNRESTRICTED access to your account.

if the merchant is hacked the card numbers are then sold on the black market. hackers then prepare bogus cards -- with real customer numbers -- and then send "mules" out to purchase high value items -- that can be resold

it's a rough way to scam cash and the "mules" are most likely to get caught -- not the hackers who compromised the merchants' systems .


The POST will need to be re-designed to accept customer "Smart Cards"

The Customer Smart Card will need an on-board processor, -- with PGP

When the customer presents the card it DOES NOT send the customer's card number to the POST.  Instead, the POST will submit an INVOICE to the customer's card.  On customer approval the customer's card will encrypt the invoice together with authorization for payment to the PCI ( Payment Card Industry Card Service Center ) for processing and forward the cipher text to the POST

Neither the POST nor the merchant's computer can read the authorizing message because it is PGP encrypted for the PCI service.  Therefore the merchant's POST must forward the authorizing message cipher text to the PCI service center.

On approval the PCI Service Center will return an approval note to the POST and an EFT from the customer's account to the merchant's account.

The POST will then print the PAID invoice.  The customer picks up the merchandise and the transaction is complete.

The merchant never knows who the customer was: the merchant never has ANY of the customer's PII data.

Cards are NOT updated.  They are DISPOSABLE and are replaced at least once a year -- when the PGP signatures are set to expire.  Note that PGP signatures can also be REVOKED if the card is lost.

Transactions are Serialized using a Transaction Number ( like a check number ) plus date and time of origination.    This to prevent re-use of transactions.   A transaction authorizes one payment only not a cash flow.

~~~
catvalencia
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catvalencia,
User Rank: Apprentice
7/25/2014 | 2:05:52 AM
Re: correcting the point of sale terminal and system
Now that debit card and credit card spending is growing; the door is open for more fraud and consumers are warned to be careful with what locations they use to withdraw money and pay for items. To protect you from ATM skimming is to watch bank accounts vigilantly. Federal law limits liability for fraud on a debit-card to $50, but only if the lost card or theft is reported within two days of the problem. If you don't report it in time, unauthorized charges could be your responsibility.


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