Making a credit card transaction? An Android app may con you; know how to save yourself from the risk
New Delhi | Jagran Business Desk: Online transactions and plastic payments are popular than ever before. Thanks, to the cashless trend, many people find it safer to transfer money and pay through credit and debit cards. But are they really as safe as we think they are? Every year, millions of people fall trap in credit card frauds and one such scam has come to light recently. This scam is happening especially with Mastercard or Maestro and also, Visa credit and debit cards are also prone to it. Take a look to get a better understanding of the whole fraud.
What is the latest scam and how it works?
The fraud can happen through an Android app where the hacker can plug the app in the card terminal which will falsely indicate that payment is processing and there is no PIN required. It also happens to flash the card owner's ID has been verified. Jorge Toro, who is one of the authors of the research paper at Eidgenössische Technische Hochschule Zürich and works at the Information Security Group stated that the method tricks the terminal to think that a Mastercard card is a VISA card which is actually not true. The researchers tried the technique on two Mastercard credit cards and two Maestro debit cards which were issued by different banks each. The whole process needs to run simultaneously as the card terminal may carry out a VISA transaction while the card is performing a Mastercard transaction.
How to save yourself from getting conned?
There are a few easy measures you can follow to save yourself from the transactions like avoid tossing your credit card billing receipts directly into the trash can as they contain your card details. Incase of online transactions try loading your mobile wallets with home WiFis otherwise cybercriminals may steal your encrypted card's information through public wifi. Make sure to verify the amount before signing your credit card receipt. And one of the most important ones is avoid sharing your credit card details with anyone.
Posted By: Sanyukta Baijal