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These chips are actually smartcards - ASICs that perform cryptographic operations based on a secret key inside of them. "Visa chip cards are not only more secu
by dkopi 10y ago
These chips are actually smartcards - ASICs that perform cryptographic operations based on a secret key inside of them.
"Visa chip cards are not only more secure, they are also simple to use. Chip cards and terminals work together to protect in-store payments. A unique one-time code is generated behind-the-scenes that is needed for the transaction to be approved - a feature that is virtually impossible to replicate in a counterfeit card."
Magnetic cards can be easily duplicated. A Smartcard is virtually impossible to duplicate (The NSA might be able to. A criminal won't).
The Pin code is used in Europe to provide 2 factor authentication.
Something you have (the card) with something you know (the PIN).
Its only to prevent people from using your smart card if it's physically stolen.
- wlesieutre 10y agoNot that chip-and-pin has been invincible: http://arstechnica.com/tech-policy/2015/10/how-a-criminal-ring-defeated-the-secure-chip-and-pin-credit-cards/ http://arstechnica.com/tech-policy/2015/10/how-a-criminal-ri... Certainly harder than cloning a magnetic stripe, but the PIN verification was as simple as the reader saying "Is 1111 the right pin?" and the card responding "Yep, that's the right pin." So they took apart the cards and MITMed the response to always confirm, no matter what pin was entered. Hopefully that's been fixed by now, but with the number of readers that would need to be upgraded, I wouldn't count on fixes rolling out quickly. And who knows if there are other weaknesses?