Flaw in New Secure Card Chip Technology Could Let Hackers Steal Up to $1 Million Per Card
According to researchers in the UK, the card system developed by Visa for use in the U.S. doesn’t recognize foreign currency transactions and can be tricked into approving such transactions for up to $999,999.99. In addition, the contactless technology could allow a thief carrying a card reader designed to read a card that’s stored in a wallet or purse to conduct fraudulent transactions without the victim ever removing their card. [11/4/14]


