CARD attack

The banking industry's confidence about chip and PIN cards looks set to take a battering. It has been demonstrated by researchers at the University of Cambridge how a stolen card can be used in retail outlets and online. The problem for customers is that it comes up as a PIN verified transaction and banks are refusing to refund customers for what appears to have been a legitimate transaction. The cards can't be used by criminals at an ATM or once it has been reported stolen and cancelled. Read more about it here.