How secure is Chip and PIN?

Though innovations in card payment systems are improving security, research by two Cambridge students calls for more caution from card users. This is not usually welcome from the banks but it is good for them to realize the weaknesses in their system and be more proactive to address them.

The combination of Chip and PIN is meant to enhance security from card scam. However, the Cambridge Students claim that there are still loopholes for criminals to exploit and steal account numbers and PIN and all the details needed to create a cloned card.

When a card is taken out of the UK to countries where cash machines read only the magnetic strip on a card, with details of the PIN – criminals can have access to a person’s account.

Dreadful customer experiences

Often victims of card fraud are branded careless. Others have even faced trial in court on charges of lying. The security of the card must be improved if not guaranteed to save consumers such embarrassing and nightmarish experiences.

The Cambridge research findings

The research gives some empirical evidence of how it could still be easy to get the PIN as well as the card data out of chip and PIN terminal. This means consumers are still vulnerable even when they are very careful.

The banks must be seen to act and not play defensive or public relations the issues away – it simply would not do. Consumers are going to demand security of their hard earned incomes! If security of the card is improved, the better for the banks and the global economy.

One Response to How secure is Chip and PIN?

  1. [...] This post was Twitted by financial_facts [...]

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>