Card Chip and Pin Security Flaw
The BBC reports that the chip and pin in credit and debit cards may have a serious security flaw. It is no wonder then that though millions of people think they safely use their cards for purchases, they are also at times victims of fraud, even though the cards may not have left their possession. The cards are also used by merchants and banks – in fact everywhere.
A team of computers scientists at Cambridge have discovered a simple method whereby the communication between the pin terminal and the card can be hacked into to garner sufficient information in order to create a cloned card. The person using this cloned card would not even need to know the pin – the system would be ‘tricked’ into assuming that the pin has already been verified.
The terminal would ‘think’ that the pin has been entered and the card ‘think’ that everything is clear and authorized. The whole system could be miniaturized to fit into something the size of a remote.
It was tested successfully using various cards with purchases made in a Cambridge cafeteria, without knowing the pin.
The Cambridge team feels that the banks should be held responsible if there is any fraudulent use of cards. They should also fix the problem of vulnerabilities and upgrade and rewrite the systems as required. It should also be up to the bank to refund the money if a customer says that he or she has genuinely not used the card or entered the pin.
Let’s not forget that while the customer is responsible for keeping the card safe and memorizing the pin, it is the banks which issue the cards and manage the systems.
Via: BBC
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