New security flaw in credit card chips revealed

Discussion in 'other security issues & news' started by hawki, Aug 3, 2016.

  1. hawki

    hawki Registered Member

    Dec 17, 2008
    DC Metro Area
    "...Computer security researchers at the payment technology company NCR demonstrated how credit card thieves can rewrite the magnetic stripe code to make it appear like a chipless card again. This allows them to keep counterfeiting -- just like they did before the nationwide switch to chip cards...

    This glaring hole in EMV, the chip-based system, is possible because of the way many retailers are upgrading their payment machines: They're not encrypting the transaction....

    ...This latest research shows that retailers could spend millions of dollars upgrading to EMV and still not protect their customers from a massive credit card theft like the Target and Home Depot hacks two years ago...."
  2. Palancar

    Palancar Registered Member

    Oct 26, 2011
    ACH should setup verification paradigms ensuring encrypted payloads are passing - OR invalidate completely. Could this hole be any easier to plug, or what? Secondly, and so obvious, remove ALL strip activity from POS machines. Answer this question: If the USA (and elsewhere) is now on chip technology why would anyone still be using a magnetic strip for anything other than careless, stupid, virtually criminal negligence.

    I could fix and eliminate the entire issued instantly. I wouldn't be too popular, but we'ld all be much more secure.