Fraudsters reportedly clone contactless cards and authorize payments in 13 minutes
INTERNETUnverifiedUpdated:
A fraud workflow reportedly moves from cloning a contactless card to payment authorization in 13 minutes. The unverified report describes a combination of social engineering and malware.
Reaching payment before a bank can respond
According to The Register, the method combines social engineering and malware to carry out financial fraud before banks have time to act.
The saved report does not state how long comparable fraud previously took.
The reported execution time is 13 minutes from card cloning to payment authorization.
The focus is the gap between the time needed to execute the fraud and the time available for a bank to respond. The record does not establish how much faster this is than comparable earlier methods.
Sources
- The RegisterSmooth-talking fraudsters clone contactless cards, authorize payments in just 13 minutesRead source →