Abstract

Security is not the issue of devices, its the issue of people. Many creditcard companies/banks are changing their panorama of e-transactions such as upgrading Traditional Magnetic Strip to Smart chip based authentication or dual authentication, unfortunately every change has a counter effect like New Generation Cloning (Smart Card Cloning).

This presentation will discuss the new generation frauds such as credit card cloning, smartcard cloning, credit card “trading”, smartcard “ripping” with some case studies.

The presentation also discusses online money laundering issues which may impact the govt and financial sectors adversely.