Credit card authorization process weakness
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Credit Repair Kit For Dummies (For Dummies (Business & Personal Finance))
Credit card authorization sequence:
1) Creditholder swipes card at merchant. A request is sent to merchants bank
2) Merchants bank “asks” processor to determine the cardholder bank
3) Processing network finds cardholders bank and request approval for purchase
4) Cardholders bank approves purchase and generates a approval code
5) Processor sends an approval code merchants bank
6) Merchants bank sends approval code to merchant
7) Purchase is complete and cardholder receives a receipt
“Every time you swipe your credit card and wait for the transaction to be approved, sensitive data including your name and account number are ferried from store to bank through computer networks, each step a potential opening for hackers.”
Weak security enables credit card hacks
Credit Card Fraud Made Easy
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June 17th, 2009 at 11:00 pm
[…] Read the original post: Credit card authorization process weakness | DISC InfoSec blog […]
June 26th, 2009 at 3:11 pm
It seems that card credit fraud is bigger then authorities.
Just my opinion.
June 27th, 2009 at 4:28 am
[…] Credit card authorization process weakness (deurainfosec.com) […]
July 4th, 2009 at 12:49 pm
Crazy, that is a lot of steps
August 7th, 2009 at 5:40 am
Scary. No matter the high security a bank implements, the hackers job is to unveil the “code”. They are experts in this matter. Hmmm, the end result: poor consumers.
August 27th, 2009 at 4:54 am
To much things to do. credit card fraud still be a big problem and keep go on.
September 30th, 2009 at 8:46 pm
Credit card bank must do a high online securities…
gmflexcard
November 20th, 2009 at 11:50 am
I am impressed that a Chase Bank representative bothered to respond. I wonder if that person will get to keep their job.
merchant services
December 15th, 2010 at 1:27 pm
Good that Chase Bank did response with a representative. But the bank should think of ways to make hackers have difficulties on hacking account of others.
June 14th, 2011 at 3:03 pm
It should be mandatory that all stores check ID when using credit and before the person swipes the card. Despite the fact the all reputable credit card providers will reimburse for fraudulent charges, they don't do anything if your credit rating is affected.
June 14th, 2011 at 3:38 pm
I agree with you that credit card providers will reimburse the fraudulent charges but ultimately this cost is transfered to acquiring bank and rest of the credit card users community.
April 28th, 2012 at 4:36 am
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December 18th, 2012 at 11:45 pm
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