Hackers can pilfer credit card data from second-hand Xbox 360s: researchers warn

Hackers can pilfer credit card data from second-hand Xbox 360s: researchers warn

Researchers have warned that hackers can pilfer credit card information from second-hand Xbox 360 games consoles, even if the original owner restores the console back to factory settings and wipes out its hard drive.

A team of researchers led by Ashley Podhradsky of Drexel University revealed that they purchased a refurbished Xbox 360 console from one of Microsoft's authorized retailers, and downloaded a basic modding tool that allowed them to gain access to files and folders in the console, and eventually to dig out credit card information related to the original owner.

In an interview with gaming blog Kotaku, Podhradsky warned that extracting credit card information from used consoles might be an easier process for hackers.

She held software giant Microsoft responsible for the weakness, saying the company didn't do a great job to protect users' data.

Speaking on the topic she said, "Microsoft does a great job of protecting their proprietary information. But they don't do a great job of protecting the user's data."

The Redmond-based software firm will now have to verify why the factory reset option is not removing users' data.


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Former Goldman board director Rajat Gupta seeks re-trial over insider trading case

Former Goldman board director Rajat Gupta seeks re-trial over insider trading ca

Rajat Gupta, former board of director at Goldman Sachs Group, has sought re-trial over the insider trading case in which he was handed down a two-year prison term along with a $5 million fine.

On Tuesday, Gupta's lawyer Seth Waxman questioned the authenticity of the wiretap evidence that was accepted by US District Court Judge Jed Rakoff to penalize Gupta in October last year.

Essar Oil to sign loan deal with CDB

Essar Oil to sign loan deal with CDB

India's second largest private refiner, Essar Oil Ltd is expected to sign a Memorandum of Understanding (MoU) with officials of the China Development Bank (CDB) for up to $ 1 billion loan deal backed by supply of refined products to state-run, PetroChina.

The agreement is expected to be signed on Tuesday when the Chinese Prime Minister Li Keqiang visits Mumbai. The loan is expected to be backed by refined products from Essar's Vadinar refinery in Gujarat. The deal is a type of export advance to reduce debt by the company.