Citibank card fraud – magnetic strip to blame? – Financial Services – Breaking Business and Technology News at silicon.com
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A Citibank ATM network breach in Canada, Russia and the UK could have been prevented if the bank’s US customers had chip and PIN technology on their cards, a leading analyst has said.
Citibank this week admitted that hundreds of its US customers had been affected when hackers broke into the ATM network through a retail store server and stole a “block” of PINs and the keys to decrypt them.
Avivah Litan, a research director for Gartner, told silicon.com: “You won’t have the same problem with a chip card. They are hard to duplicate but it’s pretty easy to copy a magnetic stripe.”
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