German bank loses €1.5 million in mysterious cashout of EMV cards

Criminals have stolen more than €1.5 million ($1.65 million) from a German bank by cloning customer debit cards and then cashing out user funds across Brazil, despite the original cards being protected by EMV (chip-and-PIN) technology. See also 10 dangerous app vulnerabilities to watch out for (free PDF) The thefts happened last week and involved the customers of German bank Oldenburgische Landesbank (OLB).

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