Researchers at ZTH Zurich have found a severe Vulnerability in contactless cards that allow malicious parties to bypass the need for pin codes using a Man-in-the-middle Principle that allow these hackers to take advantage of the data that is passed between the card and the card machine.
CyberSecurityNews stated that the hackers are required to have a custom Android Application, at least 2 Android Smartphones as well as a stolen card to commit the crime successfully.
The system works by using one smartphone as an emulated Point of Sale terminal that is placed near the stolen card, the 2nd smartphone is used as a Card emulator that will transfer modified transaction information to the actual Point of Sale device, the app then sends a signal to the “card terminal emulator” that the cardholder is verified and that no pin is required.
The technicians over at ETH Zurich published a similar exploit with Visa Cards in September 2020 there was no correlation between the VISA and MasterCard at the time as they use different methods of data transmission so it was not apparent that this exploit would affect other carriers
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