Chip and pin scare
January 8, 2007 by admin
Filed under News, News-Credit-Cards
Fears are growing that criminals may soon be able to collect customer information from doctored chip and pin machines.
Credit card holders could be targeted if thieves get their hands on the information which was discovered by a specialist research team at Cambridge University.
The team claims to have achieved its goal of reconfiguring a machine, allowing it to copy personal account and pin numbers.
This information can then be used to create fake cards, leaving consumers vulnerable to theft from their account.
It took just one month and £1,000 for the researchers to crack the system, with team members saying that all of the information and equipment is available over the internet from computer manufacturers.
The researchers specialise in testing the security of electronic hardware and the payments association Apacs says it is unlikely that the scam will be carried out on the high street.
An Apacs statement said: “People could, in theory, use this to steal account details from cards. Our experts are in discussion with the manufacturers of terminals to see what can be done.”
