ATM hacking has become more and more prevalent in society today. The more technology improves the more fraud is done. The U.S alone, has fallen victim to ATM hacking over the last decade. There has been countless numbers of ATM hacking taking place, having billions of dollars loss and innocent people now in debt. ATM hacking has really proved to be effective and has become a major success for criminals. In the article, “Hackers Devise Wireless Methods for Stealing ATM Users' PINs”, author Jordan Robertson, speaks on how ATM hacking has had a major effect on the U.S and U.S citizens. In the article, “Hackers Devise Wireless Methods for Stealing ATM Users' PINs”, Robertson speaks on how the effects of ATM hacking has been the fastest way for criminals to receive cash. He speaks of how high tech criminals have become so familiar with ATM theft, to the point of embedding fake number pads and card readers into gas pumps in order to retrieve confidential information. Robertson also speaks more on how fraudsters even apply for jobs that deal with technical-support so that they can learn to access personal data and other important information. Robertson said that these fraudsters go after companies and individuals who use ATM machines. Robertson states that the U.S Secret Service estimated the annual losses of ATM skimming to be more than $1 billion in 2008. To sum it up, he says that they are taking advantage of wireless ATM’s and other card readers to get away with data theft. The fact that so much money has been stolen from these ATMS, only creates bigger problems for the U.S. This has left many in debt, unable to balance or pay off important bills and other things. Moreover, this type of theft has left federal bureaus, like bank... ... middle of paper ... ... when they will be victims identity theft as a result of ATM hacking. Even though many people within the technological world can come up with more “secure” ways of setting up cards and ATM’s, whose to say that these ATM hackers can't come up with something better? Works Cited Robertson, Jordan. “Hackers Devise Wireless Methods for Stealing ATM Users' PINs” Bloomberg Businessweek Technology 8 May 2014. Web. http://www.businessweek.com/articles/2014-05-08/hackers-can-steal-atm-users-pins-wirelessly#r=read Reckard, Scott E. “Banks Are Warned About ATM Hacks” Los Angeles Times 3 April 2014. Web. http://articles.latimes.com/2014/apr/03/business/la-fi-atm-hacking-20140403 Warren, Tom. “The Death of Windows XP Will Impact 95 Percent of the World's ATMs” The Verge 20 Jan. 2014. Web http://www.theverge.com/2014/1/20/5326772/windows-xp-powers-95-percent-of-atms-worldwide
The Minneapolis based Target Corporation announced in December that criminals forced their way into the company’s computer system. The data breach compromised 40 million credit and debit card accounts of customers who shopped during the holiday season between November 27 and December 15, 2013. The data captured was far broader than originally imagined as hackers gained access to 70 million customer’s personal information including names, home addresses, telephone numbers, and email addresses. Additionally, expiration dates, debit-card PIN numbers, and the embedded code on the magnetic strip of the card were stolen.
Hacking into large companies or agencies to steal one’s card information has become simple. Lewis (2013) says that, “Hacking is incredibly easy; survey data consistently shows that 80 to 90 percent of successful breaches of corporate networks required only the most basic techniques“(p. 1). On November 27, 2013, Target’s security was breeched when forty million credit and debit cards were stolen. The breach lasted from November 27 to December 15, 2013.
We live in a technologically saturated world. Everyone is connected to one network or another by any number of devices, so that begs the question: “Just how secure are those connections?” Earlier this year, headlines were made when a hospital in California (and several others in other states shortly thereafter) had its network system hacked; its files and patient information encrypted and held ransom. To gain access to their own files, the hospital paid the hackers for the encryption key so that they could continue providing their patients with the much needed medical care they were seeking [1]. More recently, it was reported that over 6,000 online stores had malicious code, designed to steal and store credit card information, hidden within legitimate files on the stores website(s), the article states.
I chose the article about the Target Data Breach because I was actually one of the people affected. I wanted to learn about how to handle the situation and what to do in case more information was compromised. I wanted to know more information about how something like this can happen and affect so many people. It is also a major issue being discussed in the news and in finance so I wanted to learn more about how Target and the banks will handle this issue. This article is about how 40 million credit and debit card accounts were stolen. It explains the difference between experiencing credit card fraud and only getting your account information stolen. Most of the people that had their information stolen were not affected by credit card fraud. An explanation of this is that fraudulent transactions may be rejected by a retailer’s anti-fraud system and the consumer might not even be aware of any activity taking place because it is being stopped before the fraud can even take place. Also, since such a large number of people were affected by the scandal, most banks have taken control and cancelled and replaced the old credit and debit cards to prevent any theft from happening. Many banks are waiting to see if the fraud actually happens before reissuing cards because it is so costly. Although there has not been very much fraud at this point, hackers may be waiting for all of the publicity to die down before they commit their fraudulent acts. The article states that many times hackers may wait a year or two to use account information. When the hackers wait a long period of time, the ...
Goodin, Dan. "Target Hackers Reportedly Used Credentials Stolen from Ventilation Contractor." Ars Technica. Conde Nast Digital, 5 Feb. 2014. Web. 25 Feb. 2014. .
This issue can really affect people more than you think. Sometimes if you’re a victim of this you may not even get your money back. If you’re lucky you may get your money back, but you would have to wait a long time. As I said above the average amount of money stolen per theft is $4950. This money could easi...
JPMorgan Chase is one of the largest and best known banks in the banking industry. JP Morgan Chase is a global financial service firm with operations in over 50 countries. With a CEO who is known as one of the banking industries top leaders it is obvious why they are in the top 10 of the fortune 500. Although JP Morgan Chase bank is one of the leaders in the industry I believe they are a long way away from being the most innovative bank around. Banks can be one of the most targeted locations for robberies which is why I find it important for them to protect their customers and themselves. Utilizing computerized bankers would be a good start to safety within their branches. Money should not be kept on the floor of any bank to avoid unnecessary situations.
Where in 56 million payment cards were stolen and the issues related to the occurrence.
getting compromised. This technology is going to extend beyond just Apple Pay; it will be a
Identity theft is a serious crime where a thief obtains your personal information, such as your social security number, to commit fraud. Identity theft has become a growing issue in today 's society, especially with today 's advanced technology. Research done by Javelin strategy concludes that nearly 12 million Americans have been victims of identity theft in 2011. The statistics of identity theft show an increase of thirteen percent over 2010. The numbers are increasingly growing as the years go by. Approximately seven percent of adults have their identity stolen, resulting in at least $3,500 in losses. Identity thieves develop cagey methods to steal identities like stealing wallets, mail, and phone calls that lure people into giving out their
Thieves access information from cardholders and uses their information to open new accounts or other illegal activity such as purchases, or sell a cardholder’s information on the black market. Since credit cards do not require a 4-digit code, but rather a signature, it is easier for hackers to steal this information without becoming caught quickly. According to Brian Krebs, the author of a blog focused on Security, states on “All Things Considered” Broadcast show that “the new chips are to keep hackers from receiving the information quicker than they would have before.” This prevents them from being able to duplicate copies of a cardholder’s card to use. The host, Shapiro, mentions that in London they have used this chip for ‘as long as he can remember.’ England’s chip cards come with a pin instead of involving a signature. Krebs mentions how the new chip “will not stop identity thefts overnight.” The new cards construct it harder for thieves to access the information through retailer’s private computer databases. The databases hold information such as credit and debit card numbers, addresses, bank information, and more personal information. Since it makes it more challenging to get the information, that does not mean hackers will just disappear and stop trying. With technology continuing to advance, they will find new ways to hack into systems and access the information from these cards, even
"The Cost of ID Theft, Part 1: Beyond Dollars and Cents." Commerce Times: Business Means Business. N.p., n.d. Web. 18 Nov. 2013.
Journal of Internet Banking & Commerce, 18(2), 1-11. Retrieved from http://www.arraydev.com/commerce/jibc/. Sullivan, C. (2009). The 'Standard'. Is identity theft really a theft? International Review of Law, Computers & Technology, 23(1/2), 77-87.
Today, with all the technology we have, it has become fairly easy for thieves to steal someone’s identity. One of the easiest ways for someone to steal your personal information is just by simply looking over a person’s shoulder as they insert personal information into a computer or an ATM machine. This process is known as shoulder surfing. According to ...
The advent of technology, in the form of credit card, brought in convenience and made life simpler for us, but along with it came the Pandora’s Box. While credit cards have made life easy for us, they have also managed to make life easy for the crooks. While enabling us to purchase things we fancy whilst seated on our couch, it has on the other hand made it easy for fraudsters to guzzle away money that is not truly theirs.