EMV Chips Extra-Sensitive to Attack - Other News

ADVERTISING DISCLOSURE

ADVERTISING DISCLOSURE:
Credit-Land.com is an independent, advertising-supported web site. Credit-Land.com receives compensation from most credit card issuers whose offers appear on our site. Compensation from our advertising partners impacts how and where their products appear on our site, including, for example, the order in which they may appear within review lists. Credit-Land.com has not reviewed all available credit card offers in the marketplace.

Credit Card Applications » News » Other » EMV Chips Extra-Sensitive to Attack

EMV Chips Extra-Sensitive to Attack

EMV Chips Extra-Sensitive to Attack
The content is accurate at the time of publication and is subject to change.

Although the EMV system is touted to provide cardholders exemplary security against fraud, by all but eliminating the possibility for card cloning by thieves, it has demonstrated alarming security weaknesses in other areas. Increasingly becoming a global standard, “EMV” stands for: “Euro Pay, MasterCard and Visa” and represents the three companies’ conjoined efforts to “ensure security and global interoperability so that Visa and MasterCard cards can continue to be accepted everywhere,” described in a recent article in the India Times.

It appears that EMV is particularly vulnerable at this point of sale, where a swindler can install an information-snatching device called a “skimmer” to collect people’s private information, transaction by transaction.

Another article appearing on the website Dark Reading, chief security engineer for secure design consultants Inverse Path, Andrea Barisani, says the many flaws apparent in chip-and-PIN technology are easily exploited.

The legacy transaction processing monitors that the chip-and-PIN systems are designed for transmit the password or PIN consumers enter when making a purchase in plain text. That makes the information easy pickings for scammers using skimmers.

“EMV is broken,” Barisani says. “In order to fix the problem, they will have to change the standard and break compatibility with older cards.”

Three different types of cards are supported by EMV: the older, more familiar cards with the magnetic strip across the back, the microchip-embedded cards that are currently in circulation, and the latest incarnation of more secure microchip-embedded cards. However, as published on Dark Reading, Barisani cautions that skimmers can “force transactions to use the least secure transaction method,” and then help itself to the unprotected info.

In May of this year there was an eye-opening reminder of how point-of-sale terminals have long provided an appealing opportunity for credit card crooks to abscond with the details of unwitting consumers. Michael’s, a national chain of craft stores, reported a security breech involving over 70 of their POS terminals had been tempered with by thieves in stores, spanning the country. These compromised terminals may have put many customers’ credit and debit card information into the hands of hackers.

It is practically impossible for card users or store employees to notice which method the terminal used to process specific transactions, especially because the corresponding code printed on receipts are not reliable- as they can be falsely generated by a skimmer.

Again, Barisani to Dark Reading, “It has really taken ages to move away from the magstrip. So if the EMV problems are not fixed in the initial implementation, then the security issues are going to be around for a long time.”

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
Add to Favorites:

Related News:

Credit Card Borrowing is Up among Millennials
Credit Card Borrowing is Up among Millennials

Posted: May 20, 2019

In the past millennials had fewer credit cards in their collective wallets, but things are changing according to the Federal Reserve Bank of New York’s Liberty Street Economics Blog, with over half of people in their 20’s carrying a credit… Continue reading

Three New Credit Cards from Sallie Mae
Three New Credit Cards from Sallie Mae

Posted: May 16, 2019

When people hear or read the name Sallie Mae more than likely they think about student loans because the company has been in that industry for years, but now they are looking to expand their reach and moving into the credit card business…. Continue reading

Earn a 75k Bonus With the Barclaycard Aviator Business Credit Card
Earn a 75k Bonus With the Barclaycard Aviator Business Credit Card

Posted: May 15, 2019

If you have been eyeing the Barclaycard AAdvantage Aviator Business credit card you may want to take a closer look because they have just raised the bonus offer that comes along with this card. Right now new cardholders can earn 75,000… Continue reading

Get the latest news, articles and expert advice delivered to your inbox. It's FREE.
Introducing the New Citi Rewards+ Card - the only credit card that automatically rounds up to the nearest 10 points on every purchase - with no cap
For Excellent, Good Credit
Enjoy 70,000 bonus miles after spending $5,000 on purchases in the first 90 days
For Good/Excellent Credit
See Rates & Fees
Perfect credit not required for approval; we may approve you when others won’t
For Fair/Bad Credit
You've successfully subscribed!

Please specify the following:All these fields are optional

Your Credit History
Themes you are interested in:

By providing this information you help us make our news letters more useful and informative. Thank you!