4 ms·
Couldn't you use card credentials to get a cash advance at an ATM? I am assuming a chip-less card's magstripe just has the credentials on it, so it should be e
by lifeformed 6y ago
Couldn't you use card credentials to get a cash advance at an ATM? I am assuming a chip-less card's magstripe just has the credentials on it, so it should be easy to copy? I guess the banks fraud systems would catch an unusual withdraw.
- notahacker 6y agoA lot of cards are going to have low limits or blocks on cash advances. Withdrawals from overseas are particularly likely to fail. And the card owner might realise his credentials have been stolen by the time the card hits the market .
- xondono 6y ago- You could, but you'd be exposing yourself, so you'll want to send a mule in your place. - That adds extra risk, so you might have to pay someone to scare that mule into doing their part. - You'll want to get that laundered somehow, so you'll want to arrange some nice path that leaves no trail to you, maybe through Western Union? And so the costs keep increasing and your margin goes down. The key of the game is to setup this kind of stuff at scale. Then it doesn't really matter if you're making only 60$ from each card, as long as it covers the cost.
- jasonwatkinspdx 6y agoDepends on the bank but most in the US now have additional security mechanisms for non chip transactions. I ran into it when the chip on my card broke. The bank declines the initial ATM transaction, then sends me an SMS asking to confirm it's me and retry the transaction.