The EMV chip system is sweeping the States right now, but the UK has been Chip & Pinnin' it since 2003. So, British crooks have had plenty of time to work out how to hack the system and steal your cash.
In this video explainer from Computerphile, Professor Ross Anderson from the Computer Laboratory at the University of Cambridge explains how criminals can compromise the Chip & PIN system. At first glance it seems much harder to overcome than the humble old magnetic strip but, as he explains, crooks are smart and have found plenty of ways to circumnavigate the difficulties.
As ever, it pays to be vigilant whenever you’re using a credit or debit card. If you’re ever at all suspicious of the device you’re expected to withdraw cash from or make a payment at, just walk away. [Computerphile]
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