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Industry News

Discovered chip and pin exploit may not pose significant real-world threat to payment processing security

By Lauren Lindberg

19/03/2010 - The recent report from Cambridge University researchers showing the vulnerability of the chip card payment processing system to fraud may not have that many real-world consequences, said the Financial Post.

The chip and pin payment processing system is currently being rolled out nationwide, and industry experts have touted the system as a way to reduce debit and credit card processing fraud, as happened in the UK when the system was unveiled.

Yet the Cambridge University report threatened that perspective, showing that the use of radio frequency identification (RFID) technology can compromise a chip-enabled POS terminal.

The Financial Post reports, however, that this method of compromise may not be as lucrative for criminals as hacking online databases.

"A criminal might spend an entire day to acquire 200 to 300 card numbers, but if a criminal gang were to pay someone working in the IT department at a large online retailer that stores card numbers, or a bank or other financial institution, for a password, it could obtain millions of card numbers," Mark Roberti, editor of RFID Journal, told the newspaper.

As a result, even merchants whose POS terminals are chip-enabled should be on guard to consistently maintain PCI compliance in all aspects of their payment processing infrastructure, experts say.ADNFCR-2514-ID-19680315-ADNFCR

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