Security researchers from Newcastle University in the UK have found a way to steal larger amounts of money from people’s pockets using just a mobile phone. The attack relies on a “rogue POS terminal” running on a mobile device that could be pre-set to a large amount of money, a wireless transfer of up to 999,999.99 units in any currency. Visa Europe said that the company is updating its protection to require more payment card transactions to be authenticated online, making this kind of attack more difficult to carry out.
Source: https://thehackernews.com/2014/11/hackers-can-steal-99999999-from-visa.html