Amex security issues

[arnoudk]

Two major flaws with American Express cards: replacement card details are bases on old card details (auch!) and the new chip terminals can be fooled by changing a single bit on the magnetic stripe (really?!? Oh come on!)

http://www.pcworld.com/article/3008717/ ... ed-it.html

Oh and this hacker created a nice coin sized device. I'm sure it does nothing serious.

Incredible.

Fortunately for the bad guys, they can now calculate all replacement card details from old hacked databases.

Oh well... all they need to do is replace all cards and all terminals

[BitcoinXio]

A small device called MagSpoof can predict what new American Express card numbers will be and trick point-of-sale devices into accepting cards without a security microchip.

Ha! This is crazy, this guy is a genius too. Obligatory message: Bitcoin users unaffected.

[arnoudk]

How could I have forgotten to add that message! Thanks for adding it.

It just shows once again that bitcoin security is lightyears ahead of the traditional banking sector. They will have to evolve, and soon, or go the way of the dinosaurs

[BitcoinXio]

How could I have forgotten to add that message! Thanks for adding it.

It just shows once again that bitcoin security is lightyears ahead of the traditional banking sector. They will have to evolve, and soon, or go the way of the dinosaurs

Banks will never learn. Bill Gates warned them in 1998...