A group of security researchers has published a paper on the security of Chip and PIN systems. The security researchers from Cambridge University have found various vulnerabilities in the current Chip and PIN systems which are being used world wide.
Earlier we published a report on how the wireless PIN systems are vulnerable to hackers. The Chip and PIN system also known as EMV has two critical vulnerabilities which allow hackers to clone cards effectively.
The research claims that normal bank procedures won’t spot the fake cards.