Is the Chip and PIN Broken? A Controversial Solution to Bank Card Security

By JDavis | 1/25/11 4:09 AM

What is the security gadget that UK bankers don’t want you to know about? A University of Cambridge student has published a paper on a new device that can protect card-holding consumers from the dangers of hackers, resulting in a financial trade group demanding that it be removed from the public.

According to Ars Technica, increasingly more people are learning about the vulnerability of their bank card system (Europay, MasterCard and Visa cards commonly used in the U.K.), and the protocol flaw that enables a hacker to use someone’s real card without knowing the PIN. Even worse, fraudsters can tinker with Chip-and-PIN card terminals in order to obtain sensitive data.

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