Jun 17 2009

Credit card authorization process weakness

Category: Information Security,pci dssDISC @ 3:09 pm

A diagram showing the front side of a typical ...
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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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Tags: Credit card, credit card privacy, credit card secure, credit card security, credit card theft, secured card, visa card