Nov 21, 2016
Barclays tests smartphone cash withdrawals
The bank suggests the facility is more secure than slotting in a bank card as it avoids the risk of having the card's details hijacked by a skimming machine. A payment can be triggered by waving an NFC-enabled card close to the reader and typing in the Pin. The details can then be used to create cloned cards, which can be used in overseas ATMs that have yet to be upgraded to chip and pin technology, or to make online purchases via stores that do not require a CVV security code Adding an entrapment device to a cash machine's slot that stops the card being returned. Once the victim leaves, the criminal removes the device, retrieves the card and then uses it with the recorded Pin to withdraw money Engaging in distraction fraud, whereby the thief looks over the cardholder's shoulder to see them enter their Pin and then distracts them or pickpockets their wallet to steal the card. Last year, 92,670 UK accounts were defrauded because of the use of counterfeit cards and a further 152,727 accounts because of lost or stolen cards, according to Financial Fraud Action UK. In many of the cases, it will have been the banks, rather than the cardholders, that will have borne the loss.
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