Another system is deemed unsafe - chip and PIN credit cards
Researchers at Cambridge University have found a fundamental flaw in the EMV — Europay, MasterCard, Visa — protocol that underlies chip-and-PIN validation for debit and credit cards. As a consequence, a device can be created to modify and intercept communications between a card and a point-of-sale terminal, and fool the terminal into accepting that a PIN verification has succeeded. "Chip and PIN is fundamentally broken," Professor Ross Anderson of Cambridge University told ZDNet UK. "Banks and merchants rely on the words 'Verified by PIN' on receipts, but they don't mean anything."
zdnet.co.uk - Chip and PIN is broken, says researchers
