Research proved how Chip Credit Cards have flaws that compromise your security
When chip credit cards were issued in 2015, bankers reassured users that the new technology was fool proof against counterfeiters and false transactions. But was that entirely correct?
It seems the new technology isn’t as good as it claims to be as research has now revealed that cyber thieves are finding new ways to manipulate the system and access vital credit card information over riding the chip.
1 The main culprit: the magnetic strip
Research done at the tech lab NCR has just proved how ineffective the magnetic chip on credit cards can be in terms of security. Chip credit cards have flaws and credit card scammers have found a novel way to gain access to your information by simply rewriting the magnetic strip code found at the back of each credit card.
It is the magnetic strip which delivers instructions to machines to read the chip. Once a machine is manipulated into reading a card, the data on it becomes accessible making a user’s credit card prone to the vulnerability of pre chip era.