Researchers claim VISA payment card exploit
Researchers from Newcastle University in the UK have discovered a way to authorize transactions using VISA contactless payment cards beyond the pre-set spending limit. If the transaction is specified in a foreign currency, it will proceed at larger amounts.
VISA contactless cards use a cryptoprocessor and RFID technology to perform secure payments without having to insert the card in a reader. An NFC-equipped mobile device may also be used as a payment card. In Europe they are debit cards and have a hard limit per transaction. In the UK the limit is £20, in Ireland €15. In Germany the limit is €25, but you can pay larger amounts by also providing a PIN or signature. In the US, where VISA uses the brand name payWave for the technology, the no-PIN limit is set by the merchant, and larger amounts may be specified with a PIN or signature.
