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.
In this video explainer from Computerphile, Professor Ross Anderson from the Computer Laboratory at the University of Cambridge explains how criminals can compromise the Chip & PIN system. At first glance it seems much harder to overcome than the humble old magnetic strip but, as he explains, crooks are smart and have found plenty of ways to circumnavigate the difficulties.
As ever, it pays to be vigilant whenever you’re using a credit or debit card. If you’re ever at all suspicious of the device you’re expected to withdraw cash from or make a payment at, just walk away.
Top image by iamporpla/Shutterstock.