U.S. credit card scam exposes holes in electronic-commerce security

Discussion in 'other security issues & news' started by Prince_Serendip, Sep 21, 2002.

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  1. Prince_Serendip

    Prince_Serendip Registered Member

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    U.S. credit card scam exposes holes in electronic-commerce security

    A mysterious credit card scam involving more than 100,000 bogus Internet transactions has delivered another alarming reminder about online commerce's security weaknesses.

    Although no money was transferred in the scheme, more than 60,000 of the illicit transactions received authorization codes during a con job exposed late last week.

    The authorization codes verified the validity of those account numbers, opening the door for more widespread theft had the ruse not been detected.

    All the affected account numbers have been deactivated and investigations have been opened by federal authorities, said John Rante, president of Online Data Corp., a Chicago-based credit card processor that authorized the bogus transactions.

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