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09/11/2010 / craigmartinallen

CHIP AND PIN

PRODUCT

http://www.chipandpin.co.uk/
http://en.wikipedia.org/wiki/Chip_and_pin
Credit and debit cards contain an embedded microchip and are authenticated automatically using a personal identification number (PIN).
This system has provided the possibility of integrated payment systems in many easy to access spaces, including retail outlets, bookmakers, restaurants, public houses and many other businesses that require payment of goods and services.

This has most notably been integrated into supermarkets where the customer can now use the checkout to withdraw cash, when paying for their goods on departure. This amount is regulated by a minimum and maximum withdrawal limitation, but has proven to be a beneficial value added service.

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One Comment

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  1. Contactless / Dec 30 2010 00:58

    Thanks for raising awareness about what is a growing concern for many. I’ve just come across a disturbing news story that you may find interesting. Apparently, a student thesis shows how ‘chip-and-pin’ banking could be easily breached. As I understand it, Cambridge University denies that the student thesis encourages fraud by, “…giving details of a blueprint for a device which is alleged to exploit a loophole in the security of chip-and-pin technology.”

    I’ve posted more about just how vulnerable ‘chip and pin’ is at the following:

    http://contactless.wordpress.com/2010/12/30/student-thesis-shows-how-chip-and-pin-banking-could-be-breached/

    Once again, thanks for raising awareness.

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