The skimmer is one of the most successful tools for criminals. Thieves attach them to ATMs, gas pumps and many other places where people swipe their debit and credit cards. Once the skimmer is attached, it steals the magnetic strip information from your card, allowing it to be cloned and the criminal can drain your account. Yikes!
Banks tried fending off skimmer attacks by switching over to chip-equipped cards. That doesn't appear to be the solution, as we've told you hackers can now steal your money from your chip-equipped bank card. The latest scare involves the next level of security, biometric readers.
Biometric authentication is a method that uses fingerprints, facial scans, or iris recognition to identify users. A biometric scanning device takes a person's biometric data and converts it into digital information that a computer can interpret and verify. This is used to replace a PIN or password.
Banks are testing biometric scanners on ATMs in an effort to strengthen security. Unfortunately, a recent report says cybercriminals are already working on hacking these scanners.
This research found 12 people on the Dark Web who are selling gadgets that are allegedly able to steal fingerprints. They also found evidence of other groups trying to come up with a device that would steal information from iris and palm print recognition systems.
Having your biometric data stolen is horrifying! Unlike PIN codes and passwords, it is impossible to change your fingerprints or iris. This means if your information is compromised just one time, it will never be safe to use as an authentication method again.
This threat becomes even scarier if a criminal accesses a bank's infrastructure and steals your biometric data they have on file. The financial institution won't be able to fix the problem by recalling a compromised card. This is a type of threat the banking industry has never faced before.
Would you feel comfortable using biometric authentication at an ATM after finding out about this threat? Tell us what you think in the comment section below.