Chip Cards Fail to Reduce Credit Card Fraud in the US
Full article119 words · extracted from schneier.com · click to collapse
A new study finds that credit card fraud has not declined since the introduction of chip cards in the US. The majority of stolen card information comes from hacked point-of-sale terminals.
The reasons seem to be twofold. One, the US uses chip-and-signature instead of chip-and-PIN, obviating the most critical security benefit of the chip. And two, US merchants still accept magnetic stripe cards, meaning that thieves can steal credentials from a chip card and create a working cloned mag stripe card.
Boing Boing post.
Tags: chip and pin, credentials, credit cards, fraud, point of sale
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Text extracted automatically; images, tables and formatting may be missing. Original: https://www.schneier.com/blog/archives/2018/11/chip_cards_fail.html