Credit Card Chip and PIN is Broken

Researchers at the University of Cambridge have described (“Chip and PIN is Broken”) a method for fooling the EMV protocol used in ‘Chip and PIN’ banking cards into apparently accepting any PIN. Following the EC card debacle at the turn of the year, this means more problems for the banking industry – indeed there are grounds for concern about the security of the system as a whole. The new discovery could explain the many fraud cases in which stolen cards have been used to make payments in shops despite the EMV terminal requiring PIN entry. Many victims have sworn that their PIN is not known by anyone else. There are even reports of cases in which the PIN notification was sitting unopened in a drawer where the victims themselves did not even know the PIN.

Please click here to read the University of Cambridge Research Document on this subject

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