German bank loses €1.5 million in mysterious cashout of EMV cards

guest · Sep 3, 2019

German bank loses €1.5 million in mysterious cashout of EMV cards
September 3, 2019
https://www.zdnet.com/article/german-bank-loses-eur1-5-million-in-mysterious-cashout-of-emv-cards/

Criminals have stolen more than €1.5 million ($1.65 million) from a German bank by cloning customer debit cards and then cashing out user funds across Brazil, despite the original cards being protected by EMV (chip-and-PIN) technology.

The thefts happened last week and involved the customers of German bank Oldenburgische Landesbank (OLB).
The incident caught the eye of several cyber-security experts who noted the peculiarities of the thefts, which only involved Mastercard debit cards issued by OLB.
OLB: NO SECURITY BREACH
In a statement released following the incident, on Friday, August 27, the German bank said that only 2,000 customers were impacted, and that they already refunded all affected customers.

OLB said the thefts were the result of "organized cybercrime involving counterfeit cards and terminals" and denied rumors swirling in German media that it suffered a security breach.
Click to expand...

In a statement sent to ZDNet, Mastercard said it is still investigating the incident, but the payments processor was able to shoot down some rumors.

"We can confirm that neither Mastercard's network or the EMV technology were compromised," a Mastercard spokesperson said. "Nor has any account or card data been hacked either at Mastercard, OLB or at a third party. This issue derived from a scam involving organized cybercrime using counterfeit cards and terminals."
Click to expand...

Log in or Sign up

German bank loses €1.5 million in mysterious cashout of EMV cards

guest Guest

Log in or Sign up

German bank loses €1.5 million in mysterious cashout of EMV cards

guest Guest

Useful Searches