Hackers have started exploiting this vulnerability to steal from user credit cards for their benefit.
Every time we make a payment using credit/debit cards, the EMV communication protocol is used for processing payments. Having been developed by Europay, Mastercard and Visa, etc. it is used for over 9 billion c1ards globally.
In a recent research, a new vulnerability was found in the EMV protocol. This vulnerability was used by hackers to launch various man in the middle (MITM) attacks. Using this vulnerability the hackers can intercept user transactions and steal from them.
The vulnerability can also be exploited by hackers to steal from credit cards without using the pin code. This is possible because of the lack of authentication & cryptography used in the cardholder verification method which makes it possible for the attacker to modify settings to suit their needs.
The second vulnerability allows an attacker to trick the merchant into thinking that an offline contactless transaction has been successful on the spot but later on it is revealed that it was declined. This leads to huge losses for the merchant and most of the times they go unnoticed at the moment.
These 2 vulnerabilities can be fixed by directly updating terminal systems globally instead of the EMV protocol itself. NPAV recommends users to always be careful and cautious while using cards for transactions and making contactless payments.
Install NPAV on your devices and stay protected from all kinds of cyber attacks. Use NPAV and join us on a mission to secure the cyber world.