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An article relating to this blog post on Finextra:

RBS WorldPay ATM heist nets $9 million in 30 minutes

RBS WorldPay, the US payments processing arm of Royal Bank of Scotland Group, allegedly lost $9 million in a 30-minute period during a global ATM heist that involved 100 cloned cards in 49 cities worl...


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RBS WorldPay ATM heist nets 9 million in 30 min

"An attorney in Atlanta has filed a class-action lawsuit against RBS WorldPay for allegedly failing to protect personal information."

This problem can be eliminated altogether by allowing cardholders to turn on and off their cards. Many issuing banks have realized this. See http://www.finextra.com/fullstory.asp?id=19597, Handelsbanken puts locks on cards. 

All ATM authorizations eventually go to the Issuing Bank's authorization system. This system needs to be implemented with the Issuing Bank.

This class-action lawsuit against RBS WorldPay is misplaced since the real solution to this problem lies with the Issuing Banks.

Regarding Handelsbanken, some banks are making it easier for me to market the system that I invented. I have written to Handelsbanken just as I did to other banks and other companies.

This is a great validation of my years of work on this patented system. VISA filed for the same 'claims' but 14 months after I did. I received the patent for my applicationn in August 2005. Worldwide PCTs have been filed based on the same priority date (Feb 2001) as the US Patent.

 

 

 

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Comments: (5)

A Finextra member
A Finextra member 04 February, 2009, 16:15Be the first to give this comment the thumbs up 0 likes

Wot?

Stephen Wilson
Stephen Wilson - Lockstep Group - Sydney 05 February, 2009, 03:38Be the first to give this comment the thumbs up 0 likes

Marite,

If you're refering to US Patent 6,931,382 (mentioned in your Finextra profile), it is listed by the USPTO as being invented by Dominic P. Laage and Maria T. Laage, and is assigned to CDCK Corporation.  What is the relationship with you and CardSwitch Technology?

Cheers,

Stephen Wilson.

 

A Finextra member
A Finextra member 05 February, 2009, 08:51Be the first to give this comment the thumbs up 0 likes

Hi Stephen,

I was Maria T. Laage. I co-founded CDCK as well. 

Elton Cane
Elton Cane - writer & tech geek - Brisbane 06 February, 2009, 11:05Be the first to give this comment the thumbs up 0 likes

Hi Marite,

I take it that Dominique didn't manage to go ahead with this auction then?

A Finextra member
A Finextra member 06 February, 2009, 12:02Be the first to give this comment the thumbs up 0 likes

Hi Elton,

I sent you a private message in response to your question.

kind regards,

Marite

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Transaction Fraud Systems and Analysis

A community for discussion of Transaction Fraud systems and anlaytical techniques for bank card and financial services organisations.


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