Stealing ATM card data is all too easy, say experts
Experts say magnetic strips are vulnerable to skimming; attacks can happen at shops too
Published on Jan 8, 2012
The magnetic strips used in ATM cards here utilise a type of technology that is at least 30 years old, said computer security experts.
The best prevention against ATM fraud is to switch to a smart card technology that would entail embedding a computer chip into the card, they added, but practical difficulties mean this solution will not be adopted any time soon.
The issue of ATM card security came into focus last week after fraudsters stole about $500,000 from about 400 customers in two days as part of what was believed to be an ATM-skimming scam.