Tuesday, September 16, 2008

UAE Banks Home In On Security Breach

Hugh Naylor and H Michael Jalili writes in TheNational.ae:

An investigation by financial institutions into a recent security breach of private ATM card data points to the problem originating with one UAE-based bank, according to people familiar with the investigation into the problem.

Sensitive information including personal identification numbers (PINs) and data from the black magnetic strip on the back of cards was stolen from the bank and then used to make large numbers of fraudulent transactions, mainly from other countries.

“We’re quite close to having completed the case for the prosecution,” said one banker, who spoke only on the condition he neither he or his bank be identified. “And we have a fairly clear idea of how this has occurred.”

Bankers believe that thieves breached a network that banks use to share ATM data. That exposed most, if not all, banks in the UAE to the fraud.

More here.

Hat-tip: Pogo Was Right


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