Video Explainer: How Criminals Can Easily Hack Your Chip & PIN Card
You may be under the impression that the new EMV chip system for credit card payments is nice and secure. But the UK’s been using it since 2003 — so crooks have had plenty of time to work out how to hack the system and steal your cash.
Sourced through Scoop.it from: gizmodo.com
This so clearly shows the importance of implementing multi-factor authentication where you have channel separation. For instance, that the transaction has to be verified in the card terminal with your pin code as well as with a pin code, thumbprint or similar on your smartphone.