It has been about 30 years since the invention of smart cards. Using a smart card with a challenge-response mechanism should make it almost impossible for a fraud to happen. It would also make it convenient to access ATMs as you dont need to enter your pin.. well maybe there still is a pin to protect you in case you lose the smart card itself. I think the banks have not introduced smart cards to keep the costs of the card readers and the cards low. What should be done to drive the banks towards better technology?
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It has been about 30 years since the invention of smart cards. Using a smart card with a challenge-response mechanism should make it almost impossible for a fraud to happen. It would also make it convenient to access ATMs as you dont need to enter your pin.. well maybe there still is a pin to protect you in case you lose the smart card itself. I think the banks have not introduced smart cards to keep the costs of the card readers and the cards low. What should be done to drive the banks towards better technology?