Security risk for debit cards holders

CARDS OF BANK HACK IT THIS IS SECURITY

The good news is that if you have not had a call from your bank, and your account balance is as it should be, you are — probably — safe. But it would not be a bad idea to change your card’s ATM pin right away. But how did this one server hackhit 90 ATMs and affect 3.2 million (and counting) cards of 19 Indian banks?

ATM and Switch

ATM-makers such as NCR or Diebold Nixdorf provide the machine and the software for a bank at its preferred location. The bank the connects the machine to its servers. Companies such as FSS, CMS and Hitachi Payment Services provide the ‘switch’ — a payment transfer engine that allows the ATM software to connect to interbank networks. Most switches are in remote locations, not at the ATM itself. A bank branch that has an ATM is likely to managing its own switch, but the rest may be maintained by agencies such as Hitachi.

How infection spread?

The 90 affected ATMs in the present case connected to the one infected server at one precise point in time. So the hackers got information of all the people who used those ATMs, and cloned their cards. Since customers often use non-home bank ATMs, the impact spread to 19 banks.

Really a hack?

Hitachi claims it was not hacked at all. “We had appointed an external audit agency certified by PCI in the first week of September, to check the security of our systems for any breach or compromise based on a few suspected transactions that were highlighted by banks for whom we manage ATM networks.

Weak points

Most ATMs are basically PCs running on Windows XP, which makes them vulnerable as Microsoft itself has stopped support for the operating system. Also, most ATMs work on XFS standard — a set of standardistion norms for ATM software — which is really old.

How To Check Hacks?

One: ensure physical safety of the ATM, so that no virus can be planted physically. Secondly, the XFS standard must be improved to help the software protect itself better. Lastly, “authenticated dispensing” must be implemented to exclude attacks via ‘fake processing centres’ that imitate the bank software, and also encrypt all data transmitted between all hardware units and the PCs inside ATMs.

Good for regional investors as

Foreign investors in Indian market have pulled out nearly about 6000crore rs in this month .
FPI INVESTORS HAVE PUMPED OFF ONLY  180 core rs during same period .
It show that recent rate cut by RBI is responsible for it
As RBI has cut the repo rate by .25% to 6.25% it about 6 year low in the market since.
So it's good to regional investors to invest in market as foreign players are move out of the investment and market goes down in coming diwali festival the e-commerce and IT INDUSTRY shows high earning in the market and oil market may slump to some bit
So keep in mind the situation to invest in the market.

Technology with employment

Impact of technology on employment
Changes have been stirred across the world thanks to technology. Technology is an issue that draws various opinions from people. Many share the idea that technology has promoted good rather than bad features, while others think that technology is an evil and has brought more bad than good to the modern society. It is true that technology has its fair share of elements that can be considered harmful and can be seen to have brought problems to the world. The most noticeable impact of technology in today’s world is automation.

This has brought about a war between men and machines as humans feel like machines are replacing them and taking over their jobs. Indeed computers have taken over many jobs, but in some other ways, machines have eased the workload. The issue arises when a job that before needed human labour of multiple people now only requires one person to operate the machine.

Therefore, as much as many individuals have lost their job, the workload has been eased by the use of machines, not to mention the speed at which work gets delivered. This means that only a skilled person who possesses the knowledge of operating the machine gets the job. This leaves the rest jobless, and if they do not upgrade their skills, then they will become obsolete. However, if they enhance their skills in learning how to operate machines, then they get better jobs and better pay.

This shows how technology has raised living standards and better livelihoods through well-paying jobs. Also, it indicates that technology has widened the brains of the human race in that by trying not to be irrelevant in the work field, the man now has to go to school, learn how to use computers and other machines.

Even though people complain of technology having robbed them of their jobs and making them obsolete, in reality, the very opposite is often the case. History gives us a different opinion that shows how even though in the past many professions that were done manually do not exist any more, overall unemployment rates generally remained unaltered. Statistics have simply not reported any huge unemployment rates since the widespread adoption of technology.

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Manual jobs have been replaced by computer and machine jobs and this in itself has created more jobs than before. The number of new jobs (such as for example Web development/design, App development, Online Marketing, etc.), created every day using computers is massive, easier and efficient.

One technology that has greatly improved the global labour market is the Internet. The Internet can surely be termed the greatest visionary innovation of all time, up until this point in time at least. Apart from expanding the job market, it has also made finding work in general significantly easier for millions of people around the World through the introduction of job search tool, such as for example uk.jobrapido.com. Using such tools (apps/websites), one can search for a job anywhere, anytime and at a high speed - something impossible 50 years ago when jobs could only be found in one’s locality.

In addition to this, the Internet has created jobs for many people who are now software designers and computer engineers. These fields need many individuals who earn good salaries, and their jobs are respectable. Therefore, quite contrary to what today’s technology-sceptics might say, technology and employment actually have a positively correlated relationship