Released: July 02, 2008

Citibank ATM breach reveals PIN security problems

Source: Associated Press (NY Times) (Free Registration)

Hackers broke into Citibank’s network of ATMs inside 7-Eleven stores and stole customers’ PIN codes, according to recent court filings that revealed a disturbing security hole in the most sensitive part of a banking record.

The scam netted the alleged identity thieves millions of dollars. But more importantly for consumers, it indicates criminals were able to access PINs—the numeric passwords that theoretically are among the most closely guarded elements of banking transactions—by attacking the back-end computers responsible for approving the cash withdrawals.

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