In theory, EMV or “Chip and PIN” -enabled credit cards are more secure because they are hard to copy (what's called skimming) -- but four researchers have shown yet another way to defeat the technology.
Created by a combination of EuroPay, MasterCard and Visa , the EMV algorithm embedded on a chip within a card is designed to combat face-to-face fraud. By inserting the EMV-enabled card and typing in a password at the Point of Sale terminal, the customer is demonstrating to the merchant that he or she is authorized to use that card. EMV doesn’t attempt to protect credit card data in motion or at at the merchant. Nor does Chip and PIN address “Card Not Present” (CNP) fraud.Read More