Hacking Credit Cards with RFID chip

Running head: INFORMATION SYSTEM AUDITING
Information System Auditing
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1INFORMATION SYSTEM AUDITING
Hacking Credit Cards with RFID chip
a. What is the vulnerability being exploited?
In today’s era of digital world, online shopping and fund transfers are
commonly done and while doing this the credit card or the debit cards play a function
able role there. All types of fund transfers related to internet banking or credit cards
are done on the e-commerce websites using the method known as SSL or secure
socket layer. It is believed that this layer provides a secure connection and prevents
the credentials from being hacked but it is this SSLs only which hackers’ exploits by
easily breaking them (Krishnakumar). Thus the whole process of hacking takes place
with the well-known exploit called as the SSL MITM.
b. What information or data can be gained by a hacker exploiting this
vulnerability?
The reasons for which hackers often targets the e-commerce websites are
many. While exploiting the vulnerability of the Secure Socket Layer protocol present
in every website, the hackers tries to disrupt the services of the website and as a result
tries to steal important information about user’s credit card or banking system which
are later used by them to steal money (Cao, Yinzhi, Xiang Pan, and Yan Chen). With
the advent of online transaction methods, it has become much easier for the hackers to
steal money by merely just breaking the SSL layer. Another main reason for hackers
to exploit the websites security vulnerability is to get hold of important information
about some valuable persons. Hackers get hold of the credit card details knowing the
social security number and thus creating an open line for crediting and draining
accounts of the user.