A new generation bank card to be introduced in the Netherlands in 2012 has been hacked.
A Dutch television programme asked British researchers at Cambridge University to test the new EMV card. The card has been designed to prevent large-scale skimming.
It is relatively easy to copy a magnetic strip. East European gangs manipulate cash points and other payment machines so that they can copy the data and make withdrawals from bank accounts without the bank account holder knowing.
The new system does not have a magnetic strip, instead a so-called EMV chip is used. On Radio 1, programme-maker Martijn Kieft explains how the researchers swopped the chip machine in a shop for one that sends the EMV chip data to a wireless laptop. The data can then be used for a limited amount of time in other shops.
The system has already been introduced in England. Here EMV chip fraud did drop initially but then started increasing again according to Mr Kieft.
In response to the programme, a spokesperson for the Dutch Association of Banks says the new system is “quite a bit safer”. Nevertheless he admitted that no system would be 100 percent failsafe.
Photo: Bank card - Flickr/Kiss-Zoltan
Bank card - Flickr/Kiss-Zoltan
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Well, in UK most of the cards now are with cip, and not with magnetic stripe. However, they're not yet EMV cards. I am happy that they finally built a "quite a safer" credit card processing system because it's horrible how many credit card scams there are nowadays.
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