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'Flaw' in chip and PIN 'means thieves can use cards without needing security code'

A fatal flaw in the chip and PIN technology that is supposed to guarantee the security of millions of credit and debit cards has been identified by scientists. The loophole means stolen cards can be used in shop terminals and bank cash machines without being identified, it is claimed. In theory, thieves would be able to make purchases and cash withdrawals without needing to key in the four digit PIN or being detected.

The chip and PIN system became universal on Valentine's Day 2006, replacing the use of signatures to authorise purchases. At the time banks said the introduction of the PIN system would reduce card fraud because even if a card was stolen it could not be used by a thief who did not know the number.

Card fraud did fall initially, however, the figure rose 43 per cent by the end of 2008 to £610million and is thought to have risen even higher last year. Professor Ross Anderson, from the Cambridge University Computer Lab, has uncovered a number of ways in which the system can be beaten. However, he claims the latest discovery is shocking in its simplicity.

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Read More - http://www.dailymail.co.uk/news/article-1250291/Fatal-flaw-chip-PIN-regime-means-stolen-cards-used-identified.html

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this has been happening for time in the underworld.

lmfao init man people getting excited like they haven't even seen terminator 1

///

LMFAOOO i just saw your sign and AV MY days thats f*ck*ng jokes!!!!!!!!!!!!!

ill draw for the floooooooor "!!"!

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probs still more secure than a signature which u just have to learn from the back of the card

INIT

SOME SIGNATURES ARE OVERLY EASY 2 FORGE

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f*ck that scam, its all about going to your local newsagent's cash machine and changing up the details on the engineers menu to allow £10 to be £20 and so on

so you get more money than you need, yet your account says different

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f*ck that scam, its all about going to your local newsagent's cash machine and changing up the details on the engineers menu to allow £10 to be £20 and so on

so you get more money than you need, yet your account says different

tell us more.

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engineer ting sounds like a myth? unless u can explain otherwise mate

Not a myth, it can be done - but apparently it only works on the older models (which are hardly anywhere now)

DOING CRIME IS WRONG, AND NO ONE SHOULD ATTEMPT THIS FOOLISHNESS

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f*ck that scam, its all about going to your local newsagent's cash machine and changing up the details on the engineers menu to allow £10 to be £20 and so on

so you get more money than you need, yet your account says different

tell us more.

lol mans been watchin too much the real hustle on bbc3 tbh

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