When in 2010 a team of computer scientists at Cambridge University demonstrated how the chip and PIN system used on many modern payment cards can be bypassed by making the POS system accept any PIN as valid, the reaction of the EMVCo and the UK Cards Association was to brand the attack as "improbable".
Smart cards are increasingly accepted as the credential of choice for securely authenticating identity, determining appropriate levels of information access and controlling physical access.
Researchers from Newcastle University have discovered a serious flaw in Visa’s contactless credit cards which could allow attackers to siphon large amounts of money off users' bank accounts without them even noticing.
The chip and PIN payment card system - or EMV - is considered to be more secure than the magnetic strip one, but it's also not bulletproof.
The massive breach that Target suffered late last year was the proverbial straw that broke the camel's back and made the company decide to move to chip-and-PIN card technology.
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