Australian IT: Skim fraud problem gets worse

The Australian press has been buzzing lately about credit card magnetic stripe skimming. Here’s the latest article by Caitlin Fitzsimmons from Australian IT.

“Magnetic stripe cards provide secure authentication between the ATM and the bank host, but the card is just an automated entry of the account details,” Mr Fletcher said. “Chip cards hold certain information secret and can authenticate to the terminal and provide data to the host.”

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