Frontend engineer Herman Stander developed a proof-of-concept hack to illustrate concerns regarding the safety of FNB’s virtual cards.
While FNB’s virtual cards provide great safety features, like a regularly rotating CVV, they are not a silver bullet for card fraud.in which cybercriminals linked his virtual card to a tap-to-pay digital wallet and cleaned out his bank account.
FNB has been promoting its Virtual Card product as a feature that enhances security and prevents card fraud.When FNB told Stander that the loss was his fault for getting phished and it wouldn’t refund him, he set about reverse engineering the attack to understand how it works.Stander’s tests showed that when linking a virtual card to a digital wallet like Google Pay, the CVV is only required when initially registering the card on the platform.
Fortunately, the CVV is not the only thing preventing attackers from registering a card on platforms like Google Pay. The attackers probably didn’t know their victim was expecting a package. They simply blast out emails and SMSes to databases containing millions of people’s contact details and hope to catch someone.
Once they have your credit card information, they will try to convince you to send the OTP you receive to verify or confirm the payment.
First National Bank (FNB) FNB Virtual Card Headline Herman Stander Jacqui O’Sullivan Phishing Tap To Pay Banking Security
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