Encrypting card data on magnetic strip to prevent skimming

DBS Group Holdings chief executive Piyush Gupta has apologised to customers for the inconvenience caused by the recent automated teller machine (ATM) scam.
In his first public comments on the incident which saw about 400 customers affected and $500,000 stolen from DBS and POSB bank accounts by fraudsters in Malaysia, Mr Gupta said the unauthorised ATM withdrawals were done through a card skimming scheme by a syndicate, that can happen to any bank.
He was speaking at the DBS private bank luncheon at Shangri-La Hotel on Wednesday. He said DBS will start offering SMS alerts for withdrawals from customer bank accounts above a certain threshold to enhance security for customers.
‘The world of hackers and crooks out there is getting smarter everyday,’ he said. ‘It is incumbent on us as your bank to stay ahead of them.’ Banks have to make it difficult for them to capture data and if data is stolen, for them to use the data, he added.
Encrypting card data on magnetic strip to prevent skimming

Isn’t it time to change the technology of card magnetic strip by encrypting it to prevent skimming by hackers as there are new technologies present that will ensure the smooth transision without much hardware costs by the implementation of software solutions. I make these recommendations as a former UOB employee in charge of Netrust and a specialist in credit card technologies. – Contributed by Oogle.



Author: Gilbert Tan TS

IT expert with more than 20 years experience in Multiple OS, Security, Data & Internet , Interests include AI and Big Data, Internet and multimedia. An experienced Real Estate agent, Insurance agent, and a Futures trader. I am capable of finding any answers in the world you want as long as there are reports available online for me to do my own research to bring you closest to all the unsolved mysteries in this world, because I can find all the paths to the Truth, and what the Future holds. All I need is to observe, test and probe to research on anything I want, what you need to do will take months to achieve, all I need is a few hours.​

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