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Postbank to replace 12M bank cards after employees steal 'master key'

timeslive.co.za

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Re: Postbank to replace 12M bank cards after employees steal 'master key'

#21

Post by dspillett »

csharptwdec19 wrote: post #12
mc32 wrote: post #7

Earlier quoted context omitted.

That only would make sense if they don’t have cameras in the stock room and loading docks, etc.

I've worked at more than one location where the Cameras in customer areas were conspicuous but the cameras in the employee area were hidden.

Most thefts by customers are more opportunistic, the visible cameras have much more effect on that. Staff theft tends to be more pre-planned when it happens, so they'll work around the cameras if they easily know what they can see. Same for break-ins to employee-only areas (warehouse etc.).

The threat model in the two areas is a bit different, so different tactics are used. It doesn't mean that some people are trusted more than others, just that as groups they behave differently.

Re: Postbank to replace 12M bank cards after employees steal 'master key'

#23

Post by germanier »

ScarZy wrote: post #18

This is quite surprising to me. Some of the banking technology and practices in Germany are extremely tight and their infrastructure seems problematic. Living there for a while as a non-native and being with PostBank, it was insanely difficult to login and understand. Germany is also heavily marred with bank cash groups, meaning you get charged elsewhere. It was great to see N26 come along and change that, and thank…

That's about South Africa's Postbank, an entity unrelated to the German bank of the same name.

Re: Postbank to replace 12M bank cards after employees steal 'master key'

#24

Post by HelenePhisher »

ScarZy wrote: post #18

This is quite surprising to me. Some of the banking technology and practices in Germany are extremely tight and their infrastructure seems problematic. Living there for a while as a non-native and being with PostBank, it was insanely difficult to login and understand. Germany is also heavily marred with bank cash groups, meaning you get charged elsewhere. It was great to see N26 come along and change that, and thank…

I think the German and the South African Postbanks are not related.

Re: Postbank to replace 12M bank cards after employees steal 'master key'

#25

Post by celticninja »

gcbw3 wrote: post #17
duxup wrote: post #5

>The breach resulted from the printing of the bank's encrypted master key in plain, unencrypted digital language at the Postbank's old data centre in the Pretoria city centre I can't read anymore. Is there anymore technical explanation? Was it actually 'printed' ... on paper? Was it even an actual encryption key or just a password or something?

People seem to forget why credit cards came into existence. It was not for security. Ever. Credit Cards were introduced as a less-secure-but-more-convenient-check. The store then would have a stock of "blank checks" with absolutely no security features where they would imprint with carbon paper and a pressure roll the credit card information and pretty much "mint" the client a check on the spot. Over time the raised…

The few places is everywhere in the EU at least. Signing card transactions is very last century in more advanced nations. ;)

Edit: also the pin is verified each Transaction unlike with receipt signatures, which as you say were rarely checked by anyone.

Re: Postbank to replace 12M bank cards after employees steal 'master key'

#26

Post by minikites »

PopeDotNinja wrote: post #2

My accounting professor used to say the mirrors and security cameras in stores were to monitor the employees more than the customers.

Employers steal far more than employees: https://upload.wikimedia.org/wikipedia/commons/c/c4/Wage_the...

https://www.gq.com/story/wage-theft

https://www.epi.org/publication/employers-steal-billions-fro...

https://www.epi.org/publication/wage-theft-bigger-problem-th...

Re: Postbank to replace 12M bank cards after employees steal 'master key'

#28

Post by aerostable_slug »

gcbw3 wrote: post #17
duxup wrote: post #5

>The breach resulted from the printing of the bank's encrypted master key in plain, unencrypted digital language at the Postbank's old data centre in the Pretoria city centre I can't read anymore. Is there anymore technical explanation? Was it actually 'printed' ... on paper? Was it even an actual encryption key or just a password or something?

People seem to forget why credit cards came into existence. It was not for security. Ever. Credit Cards were introduced as a less-secure-but-more-convenient-check. The store then would have a stock of "blank checks" with absolutely no security features where they would imprint with carbon paper and a pressure roll the credit card information and pretty much "mint" the client a check on the spot. Over time the raised…

Even more fun fact: we rely on mag stripes (vs. chip n pin / nfc / etc) because of gas pumps. The cost of refitting gas pumps holds us back. Yay.

Re: Postbank to replace 12M bank cards after employees steal 'master key'

#29

Post by duxup »

celticninja wrote: post #25
gcbw3 wrote: post #17

Earlier quoted context omitted.

People seem to forget why credit cards came into existence. It was not for security. Ever. Credit Cards were introduced as a less-secure-but-more-convenient-check. The store then would have a stock of "blank checks" with absolutely no security features where they would imprint with carbon paper and a pressure roll the credit card information and pretty much "mint" the client a check on the spot. Over time the raised…

The few places is everywhere in the EU at least. Signing card transactions is very last century in more advanced nations. ;) Edit: also the pin is verified each Transaction unlike with receipt signatures, which as you say were rarely checked by anyone.

>also the pin is verified each Transaction unlike with receipt signatures

At least in my experience this has increased a great deal more in the US in recent years.

Re: Postbank to replace 12M bank cards after employees steal 'master key'

#30

Post by mikro2nd »

jokoon wrote: post #16

That proves my point again that there are not enough regulations on electronic security standards that applies to private companies. All you have are white hat security consultant experts that only have their dollars and reputation to work with. The public is highly vulnerable on those things yet I don't see politicians really caring.

Hardly a private company: PostBank is the banking division of the SA Post Office, and firmly a government-run entity.
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