SHARE
COPY LINK

THEFT

Banks exchange 1000s of credit cards after hack attack

Several large German banks have had to exchange thousands of customers’ credit cards after details were stolen in a hacker attack at the end of last year.

Banks exchange 1000s of credit cards after hack attack
Photo: DPA

In total around 85,000 customers have had their MasterCard or Visa credit cards exchanged over the past few weeks, with the banks saying it is a purely precautionary measure.

Hackers broke into a weak spot in the security systems of the banks through an accounting firm in western Germany, the Berliner Zeitung reports.

Postbank, Commerbank, and Landesbank Berlin, which owns Berliner Sparkasse, were all affected.

Worst hit was Postbank which has had to exchange 55,000 cards. Sparkasse and Commerzbank have each sent out 15,000 new cards to customers.

A spokesperson for Postbank told The Local that the security risk had hit customers across Germany, but that the measure was a purely precautionary one.

“While the number of 55,000 may sound high, one should remember that we have given out a total of 1.6 million credit cards to our customers,” she said.

Affected customers would be informed by post she said, “but this does not mean that their old cards have been misused.”

Postbank could not confirm whether money had in fact been stolen from any of its customers but said that, in the case that this has taken place “customers would of course be compensated after a careful investigation of their complaint.”

Sparkasse customers received an email which said “We believe that someone has had access to your credit card data. That can for example occur during a payment process.”

But a spokesperson for the bank reassured customers that the exchange of cards was purely a precautionary measure.

“As soon as our early detection mechanisms receive indications [of suspicious activity], threatened cards are blocked and exchanged,” Konstanze Stempel told the Berliner Zeitung.

If individual customers have lost money as a result of the data theft, “the bank will of course compensate them,” Stempel said.

The accounting company which is alleged to have been the target of the attack denied that hackers could have accessed customer details through them, placing the blame instead on a third party which accepts credit cards.

“”That could for example be an online shop or a hotel, in which the payment mechanism was manipulated,” a spokesperson told the Berliner Zeitung.

Member comments

  1. Hiring a hacker online might be quite difficult because of the number of people claiming they offer the service, it will be nice to share our experiences with others so they know what works and are saved the stress and trouble of having to sieve through the lot to get the real hackers. I personally recommend darkwebsolutions have they are a guaranteed great job!!, I was introduced to him by a friend and I have used him a couple of times, he is very good. He does mobile phone hack, employee monitoring, cheating spouse and more. Contact -darkwebsolutions dot co

Log in here to leave a comment.
Become a Member to leave a comment.
For members

BANKS

Cashless Switzerland: What is Twint and how does it work?

If you live in Switzerland, you are likely no stranger to Twint and maybe even use it regularly to make and receive payments. But if you are not familiar with this app, this is what you should know.

Twint app can be installed on a mobile phone.
“Twinting” money with a smartphone is easy and convenient. Photo by Andrea Piacquadio from Pexels

In Switzerland, the word “Twint” is used both as a noun and a verb.

As a noun, it describes the mobile application which allows you to pay for various goods and services practically everywhere in the country.

As a verb, (“to twint”), it means to send someone money, or receive it, via the same app.

So what exactly is Twint?

Simply put, it is digital cash (not to be confused with bitcoin, which is digital currency) that was first introduced in Switzerland in 2014 and has become very popular since then.

Twint logo. Image by Twint.ch

People like it because it is an easy and quick way to make instantaneous payments, especially in situations when credit cards or physical cash can’t be used.

A big part of its convenience is that it can be used at cash registers, vending machines and parking meters, as well as in online shops — pretty much everywhere in Switzerland, even in places that don’t accept credit cards.

The only similar mode of payment would be your maestro debit card issued by your bank.

This video explains exactly how the process works.

Another advantage of Twint is that you can use it to send money to someone else’s mobile phone — as long as they also have Twint. And you can receive money the same way.

And there are no fees or charges for this service.

How does Twint work?

Anyone can use Twint, but you need a Swiss bank account or a credit card and, of course, a smartphone.

According to Twint website, you need a smartphone with either an iOS (from version 12.2 and upwards) or Android (from version 7 and upwards) operating system and Bluetooth capability (from version 4.0 and upwards).

“It is generally not possible for Twint to be used on Apple devices with an operating system older than “iOS 12.2” or on Android devices with an operating system older than “Android 7”. On Android devices without access to the Google Play Store (e.g. on certain HUAWEI models), the use of Twint app is also not possible”.

But If you have a compatible phone, installing Twint is easy.

Swiss banks offer their own version of the app, and you can download it directly from your bank’s website.

Then, when you use Twint to make a payment, the amount is debited directly from your bank account or credit card.

By the same token, if you receive payment from another Twint user, the money is automatically deposited in your account.

And you are not limited to just one Twint app.

If you have accounts is several banks, or have more than one credit card, you can install and use all of them.

READ MORE: How to open a bank account in Switzerland

Can Twint be used to make payments and receive money from abroad?

For the moment, Twint can be used solely in Switzerland and payments can be made only in Swiss francs – although this may change in future. 

“We are, however, working closely with providers in other countries to develop an international and multi-currency solution”, according to Twint website.

You can find more information about Twint here.

READ MORE: Which bank is best for Americans in Switzerland?

SHOW COMMENTS