A top cyber security researcher has warned German banks that their retail payment systems have security flaws that could allow fraudsters to steal payment card PIN codes, create fake cards or siphon funds from customer or merchant accounts. Karsten Nohl, who is credited with revealing major security threats in mobile phones, automobiles, security cards and thumb-sized USB drives, told Reuters he has found critical weaknesses in software that runs retail point-of-sale terminals in Germany.Nohl outlined two types of attacks. One to steal personal identification numbers (PIN) or spoof transactions when customers pay at checkout tills and a second method that tricks payment processors that act as intermediaries between banks and merchants to transfer funds into other, fraudulent accounts.Nohl and fellow researchers Fabian Braeunlein and Philipp Maier at Security Research Labs in Berlin disclosed their findings to banks, card issuers, device makers and industry associations in recent weeks. SRLabs acts as a security consultant to Fortune 500 firms, including several big banks.In 2012, SRLabs uncovered defects in the most popular retail payment terminal in Germany, the Artema Hybrid from U.S.-based VeriFone Systems. The latest findings go further to show that virtually all terminals in Germany are liable to having payments hijacked […]
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