{"id":7605,"date":"2025-03-23T18:33:00","date_gmt":"2025-03-23T18:33:00","guid":{"rendered":"https:\/\/newmoneyreview.com\/?p=7605"},"modified":"2025-07-15T16:47:02","modified_gmt":"2025-07-15T16:47:02","slug":"unseen-money-episode-8-blaming-the-victim-of-card-fraud","status":"publish","type":"post","link":"https:\/\/newmoneyreview.com\/index.php\/2025\/03\/23\/unseen-money-episode-8-blaming-the-victim-of-card-fraud\/","title":{"rendered":"Unseen Money Episode 8: Blaming the victim of (card) fraud"},"content":{"rendered":"

There\u2019s a big security loophole affecting plastic payment cards\u2014called a replay (or pre-play) attack<\/a>. Banks have known about this loophole for more than a decade. But they may still blame you, the victim, if a scammer makes use of it.<\/p>\n

In a 2022 fraud<\/a>, a former British soldier holidaying in Brazil found that \u00a320,000 had been charged to his bank card in eighteen separate transactions. The ex-soldier, Henry Williams, said he\u2019d only used his card once and that most of the money had been taken from his account without his knowledge.<\/p>\n

His bank, a well-known British high street name, initially refused to compensate him, arguing he must have authorised all the payments. Only a year later did the bank agree to refund him\u2014partially and with a grudging apology<\/a>.<\/p>\n

Even after one of the UK\u2019s best-known security experts intervened on behalf of the victim, the UK\u2019s financial ombudsman, which is supposed to settle complaints between consumers and financial services businesses, sided more with the bank.<\/p>\n

How does a replay attack occur? Most plastic debit (or credit) cards contain a chip which is used to identify and authenticate the user<\/a>. The chip comes into action when the user taps the card on a contactless payment terminal (or inserts the card into the terminal and then enters a PIN code).<\/p>\n

At this point, the payment terminal generates a number that is supposed to be unpredictable, ensuring that each payment transaction is a fresh one.<\/p>\n

Unfortunately, payment terminals can be tampered with and the supposedly unguessable number can be manipulated. This opens the door to replay attacks\u2014and to more paydays for criminals.<\/p>\n

As many as half of all payment cards and half of all terminals may be vulnerable to exploitation, says my Unseen Money<\/em> co-host Timur Yunusov, who demonstrates a card replay attack in this YouTube video<\/a>.<\/p>\n

In the latest episode of Unseen Money<\/em> from New Money Review<\/a>, we explore replay attacks: how they occur, why the vulnerability is still there more than a decade after it was exposed, and why the payments industry is so reluctant to address the issue.<\/p>\n

*************<\/p>\n

The New Money Review podcast<\/a> brings you the best minds from the world of money. <\/em><\/p>\n

From economics to payments, financial markets, technology, law, digital assets, crime and fraud, you’ll find an episode that interests you.\u00a0<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

There\u2019s a big security loophole affecting plastic payment cards\u2014called a replay (or pre-play) attack. Banks have known about this loophole for more than a decade. But they may still blame […]<\/p>\n","protected":false},"author":3,"featured_media":7606,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1013,1012,1053,1014],"tags":[2299,2298,2120],"class_list":{"0":"post-7605","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-account","8":"category-exchange","9":"category-featured-1","10":"category-payment","11":"tag-payment-card-fraud","12":"tag-replay-attack","13":"tag-timur-yunusov"},"yoast_head":"\nUnseen Money Episode 8: Blaming the victim of (card) fraud - New Money Review<\/title>\n<meta name=\"description\" content=\"There\u2019s a big security loophole affecting plastic payment cards. 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