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Will 'Chip and Pin' Credit Card Technology Really Increase Security? (Video)
The answer seems to be: sort of, a little, but not a whole lot, according to Jerry Irvine, who is a member of the U.S. Chamber of Commerce Cybersecurity Leadership Council and CIO of Chicago-based Prescient Solutions. More security theater? It sounds that way when Jerry starts reeling off the kinds of attacks the new cards will do nothing to prevent. Even so, October 1 is the date after which merchants are supposed to be liable for fraudulent purchases made with old-style cards, and are supposed to have point of sale terminals that accept "chip and PIN" cards.
...that's not the system we're getting in the US, at least for the time being and at most retailers. We're getting Chip and Signature, which is much less secure. We're just calling it Chip and PIN, but most retailers aren't actually using PIN numbers to complete transactions...
Despite the physical similarity to the European chip&pin system, the US one is different. It's basically the same thing as a magstripe, but different form factor. It's security through obsurity, in that the fraudsters haven't figured it out yet and the equipment to skim and clone a chip card is not yet common. It's a jump ahead in the race, but does nothing to stop the race.
Not exactly. The new US cards use a one time token for the transaction like other PIN and chip cards, but MC/Visa have not required issuers to force PINs. So no 2-factor but still much safer for physical transactions than magstripe, provided you don't lose the card itself. Doesn't do shit if the card itself is stolen or for online transactions though.
I browse on +1 so AC's need not respond, I won't see it.