New flaws in chip and pin system revealed (BBC News) long version

Presenter: Susan Watts

Most of us do not think twice about paying for something in a high street shop by keying in our pin. It is easy, fast and in most cases it works.

But scratch a little under the surface and there are persistent reports of people who say they have been the subject of fraud of one kind or another on their credit or debit card.

Now a team of computer scientists at Cambridge University has found a flaw in chip and pin so serious they think it shows that the whole system needs a re-write.

Over the past few years, the Cambridge team has uncovered a series of weaknesses in the system, which has been running since 2004.

Source BBC Newsnight.
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