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Banks home in on security breach




Banks home in on security breach
Banks home in on security breach



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http://www.thenational.ae/article/20080916/BUSINESS/75296675/1041/OPINION 

By Hugh Naylor and H Michael Jalili
The National
September 16. 2008

An investigation by financial institutions into a recent security breach 
of private ATM card data points to the problem originating with one 
UAE-based bank, according to people familiar with the investigation into 
the problem.

Sensitive information including personal identification numbers (PINs) 
and data from the black magnetic strip on the back of cards was stolen 
from the bank and then used to make large numbers of fraudulent 
transactions, mainly from other countries.

=E2=80=9CWe=E2=80=99re quite close to having completed the case for the prosecution,=E2=80=9D 
said one banker, who spoke only on the condition neither he nor his bank 
be identified. =E2=80=9CAnd we have a fairly clear idea of how this has 
occurred.=E2=80=9D

Bankers believe that thieves breached a network that banks use to share 
ATM data. That exposed most, if not all, banks in the UAE to the fraud.

[...]


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