Credit card fraud & identity theft are becoming a huge problem these days. Companies have turned to EMV chips as a solution, but they can still be fooled. That is according to some research done by NCR Corporation, a credit card processing technology company. EMV chips have become very popular among banking institutions and are regarded as the best and most secure tool for securing debit and credit cards. But this new research claims that a hacker could still skim credit/debit card numbers and duplicate a card with ease.
The trick is to then recode the magnetic strip on the new card to tell a credit card terminal there is no chip on the card. This would then allow the hacker to use the credit card normally by swiping it and signing with the digital pen. While this does take some extra effort on the part of the thief, it is possible according to NCR Corporation. This means that credit card skimming and duplication isn’t quite dead and fraud can still occur.
More people are turning to services like Apple Pay and Android Pay as a payment method as they feel it is even more secure than EMV chips or pins. We’ve said it in the past though, if a criminal wants into something bad enough, they will devise methods of getting at what they want to get to. EMV chips are still a good method of protection though, it does make things more difficult for hackers and thieves in hopes they’ll move on to easier targets. But either way, we should all learn to be careful and secure on our own and not rely completely on financial institutions to protect us 100%.
What do you think of EMV chips? Let us know in the comments below or on Twitter, Facebook and Google+.[button link=”http://www.upi.com/Business_News/2016/08/04/Credit-card-thieves-could-still-counterfeit-despite-chip-technology-researchers-say/2421470311536/” icon=”fa-external-link” side=”left” target=”blank” color=”285b5e” textcolor=”ffffff”]Source: UPI[/button]
Last Updated on January 23, 2017.