Someone has made a device that costs $10 which could steal credit card information when anyone has lost his credit card and applied for a new card. And before he gets it, the device helps hacers to steal or at least guess the credit card number.
The device dubbed MagSpoof was made by Samy Kamkar. The device can predict and store hundreds of American Express credit card numbers, allowing anyone to use them for wireless payment transactions, even at non-wireless terminals.
According to the hackers, MagSpoof can spoof any magnetic stripe or credit card entirely wirelessly, it also disable chip and PIN (EMV) protection and accurately predict the card number and expiration date on American Express credit cards.
â€śMagSpoof can be used as a traditional credit card and simply store all of your credit cards (and with modification, can technically disable chip requirements) in various impressive and exciting form factors, or can be used for security research in any area that would traditionally require a magstripe, such as readers for credit cards, drivers licenses, hotel room keys, automated parking lot tickets, etc,â€ť Kamkar said in a blog post.
MagSpoof emulates a magnetic stripe by quickly changing the polarization of an electromagnet, producing a magnetic field similar to that of a normal magnetic stripe as if it’s being swiped. The magstripe reader requires no form of wireless receiver, NFC, or RFID. MagSpoof works wirelessly, even with standard magstripe readers. The stronger the electromagnet, the further away you can use it.
The device actually guesses the next credit card numbers and new expiration dates based on a cancelled credit card’s number and when the replacement card was requested respectively. This process does not require the three or four-digit CVV numbers that are printed on the back side of the credit cards.
The hacker has notified American Express and said the company is fixing the flaw.