ATM skimming. What the heck!! Not my day.

[norm]

Things would be a lot harder for the fraudsters if the banks introduced 2 factor authentication. Any transcation you make requires a a pin (something you know) and a token that generates random numbers every 60secs (something you have). Although it may not be 100% fool proof, its definitely one step making it EXTREMELY difficult for the crims.

Reason why banks don't do it - cost ! Its cheaper for them to pay out the fraud to the tune of say $40mill a year, as opposed to setting this up at a cost of probably $100 mill. plus yearly ongoing running of the application/maintenance.

Norm

[Dooghan (Dooghan)]

Originally Posted by norm

Things would be a lot harder for the fraudsters if the banks introduced 2 factor authentication. Any transcation you make requires a a pin (something you know) and a token that generates random numbers every 60secs (something you have). Although it may not be 100% fool proof, its definitely one step making it EXTREMELY difficult for the crims.

Reason why banks don't do it - cost ! Its cheaper for them to pay out the fraud to the tune of say $40mill a year, as opposed to setting this up at a cost of probably $100 mill. plus yearly ongoing running of the application/maintenance.

Norm

I have 2 factor authentication (something you know and something you have) with my bank Suncorp. Cost must not have been the reason why they set it up.

[norm]

I know its available for certain clientele of the banks (small businesses, weekly trans $10>), but for the majority of customers (mums/dads) it hasn't been introduced.

Norm

[mithrandir (Andrew)]

ACB702 were talking to someone from the Fraud Squad a few minutes ago. Skimmers have been stealing and reprogramming EFTPOS terminals to turn them into trojans. It sounds like they pretend to be from the service company and show up to replace "faulty" terminals with a new one.

People have been charged over the theft of the terminals.

Mitchell, Castle Hill was mentioned. Had you been shopping here?

Regarging two factor:

The better number generators ones are in the $60-100 range, about the size of a stack of 4 credit cards, and have a life of about 3 years.

That is in the price range to be suitable for just about any customer.

[Lumen Miner (Mitchell)]

Originally Posted by mithrandir

ACB702 were talking to someone from the Fraud Squad a few minutes ago. Skimmers have been stealing and reprogramming EFTPOS terminals to turn them into trojans. It sounds like they pretend to be from the service company and show up to replace "faulty" terminals with a new one.

People have been charged over the theft of the terminals.

Mitchell, Castle Hill was mentioned. Had you been shopping here?

Regarging two factor:

The better number generators ones are in the $60-100 range, about the size of a stack of 4 credit cards, and have a life of about 3 years.

That is in the price range to be suitable for just about any customer.

No not Castlehill. Only Beecroft ATM and BuWWings Thornleigh.

[DavidU (Dave)]

$50 mill skimmed.............
http://au.biz.yahoo.com/100120/2/2atkk.html