Recently Citibank has blocked all ATM transactions in Canada, Russia and UK due to ATM frauds. Looks like someone has skimmed customer PIN information. There seems to be 2 ways to get a card's PIN information. One is phishing and the other is skimming, wherein all your private info in the magnetic strip gets written when you swipe your card in a retail store / restaurant / anywhere. This helps duplicate the card and get into your account through a fake ATM card.
Sounds scary to swipe your card ??
All Security systems are vulnerable to attack and breaks. Maybe its time to come up with a highly sophisticated strong secure way of banking and business. Any thoughts ?
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