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Nairaland Forum / Nairaland / General / Experts Show How To Crack Chip And Pin Cards (verve) (2423 Views)
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Experts Show How To Crack Chip And Pin Cards (verve) by dustydee: 2:26pm On Feb 16, 2010 |
IT experts say they have uncovered flaws in the chip and Pin system which are being exploited by fraudsters to use stolen debit and credit cards. A team from Cambridge University's Computer Laboratory found that criminals can insert a "wedge" between any stolen card and a terminal. This tricks the terminal into believing the four-digit personal identification number, or Pin, was correctly entered. However, in fact any Pin can be used to authorise the transaction, meaning bank records then show it was legitimate. Dr Steven Murdoch said: "We have tested this attack against cards issued by most major UK banks. All have been found to be vulnerable." The discovery is likely to place some question marks over the existing chip and Pin design and its security. Victims of this type of fraud may encounter problems obtaining refunds from their banks as the receipt produced states that the point-of-sale purchase was "verified by Pin". Professor Ross Anderson said: "Over the past five years, thousands of cardholders have had stolen chip and Pin cards used by criminals. "The banks often tell customers that their Pin was used and so it's their fault. "Yet we've shown that it's easy to use a card without knowing the Pin - and the receipt will say the transaction was 'verified by Pin' even though it wasn't." Professor Anderson added: "This is not just a failure of bank technology. It's a failure of bank regulation. "The ombudsman supported the banks and the regulators have refused to do anything. "They were just too eager to believe the banks." source: http://dailyguideghana.com/newd/index.php?option=com_content&task=view&id=7769&Itemid=305 |
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