Chinese Fraudsters Bypass Chip Card Security Using Mobile Wallets

Chinese fraudsters have discovered a way to bypass the security measures of chip cards by converting stolen payment card data into mobile wallets such as Apple Pay and Google Pay. This enables criminals to make purchases not only online but also in physical stores. This new carding method, initially dominated by Russian hackers, affects smartphone users and payment card holders. The impacts include an increase in fraud and financial losses for victims. It is recommended to remain vigilant and protect personal information to avoid such frauds.