Dark Reading is part of the Informa Tech Division of Informa PLC
This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them.Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.
Special Report: Computing's New NormalThis special report examines how IT security organizations have adapted to the "new normal" of computing and what the long-term effects will be. Read it and get a unique set of perspectives on issues ranging from new threats & vulnerabilities as a result of remote working to how enterprise security strategy will be affected long term.
How IT Security Organizations are Attacking the Cybersecurity Problem
The COVID-19 pandemic turned the world -- and enterprise computing -- on end. Here's a look at how cybersecurity teams are retrenching their defense strategies, rebuilding their teams, and selecting new technologies to stop the oncoming rise of online attacks.
Tweet This
0 Comments
User Rank: Moderator
1/16/2014 | 6:28:29 PM
Before the hackers damage another retailer, let me suggest a way of preventing this happening again. The benefit of this solution, originall designed for internet purchasing, is that it saves the credit card companies from having to invest in expensive EMV cards and, as a side benefit, a lost or stolen card will be useless to the thief. Also, very little modification needs to be made to the POS terminal. Further, the customer never sends his credit card details to the retailer, and the retailer's transaction records contain no usable information.
1. Remove all data from the credit card and its magnetic stripe, except for a simple User ID and, perhaps, the expiry date.
2. The credit card company installs a fraudproof authentication system, as described in www.designsim.com.au/What_is_SteelPlatez.ppsx, in its data centre.
3. The customer and retailer have accounts on the authentication system.
4. When the customer needs to make a purchase, he logs in to the authentication system belonging to the appropriate credit card company, giving his user ID and the amount of the purchase.
5. The retailer also logs in to the system, giving his merchant number, or User ID, and the customer's User ID (taken from the POS in use)
6. The credit card company knows the user's card number, so if he's been authenticated, it checks for a match with the retailer's submission.
7. If there's a match, it performs the usual checks for limits, expiry etc, issues an approval, pays the retailer etc.
Simple