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Author Topic: $1.31 extra fee to use the magnetic strip on payment cards  (Read 2986 times)
moni3z
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October 23, 2012, 05:19:16 AM
 #21

EMV already useless, read Bruce Schneier's blog he has a dozen or so posts on how security researchers cloned, MITM attacked or otherwise bypassed the chip.

Chip+Pin simply passes off the liability to the consumer and offers no real security. They already busted a ring in Brazil that was wholesale cloning chips, and now there's a whole new field of fraud in NFC and Visa 'paywave' technology

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David M
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October 23, 2012, 05:52:27 AM
 #22

Chip+Pin simply passes off the liability to the consumer and offers no real security.

+0.5. 

Only because I don't think "real security" is possible without information loss.

That's why I love Bitcoin.  Your coins are one data point away from total security :-)
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October 23, 2012, 02:53:26 PM
 #23

EMV already useless, read Bruce Schneier's blog he has a dozen or so posts on how security researchers cloned, MITM attacked or otherwise bypassed the chip.

Chip+Pin simply passes off the liability to the consumer and offers no real security. They already busted a ring in Brazil that was wholesale cloning chips, and now there's a whole new field of fraud in NFC and Visa 'paywave' technology


So how can I make copy of my own credit card with fully functional EMV chip?

Contactless tech does not belong to EMV discussion. Don't compare apples to oranges.
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October 23, 2012, 03:17:28 PM
 #24

Right now there is a simple solution to this problem that works everywhere for in person transactions. It is called cash.

Concerned that blockchain bloat will lead to centralization? Storing less than 4 GB of data once required the budget of a superpower and a warehouse full of punched cards. https://upload.wikimedia.org/wikipedia/commons/8/87/IBM_card_storage.NARA.jpg https://en.wikipedia.org/wiki/Punched_card
Mike Hearn
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October 23, 2012, 03:34:43 PM
 #25

EMV isn't useless. The guys at the Cambridge lab have repeatedly shown it has weaknesses the banks weren't admitting to, but many of the exploits are absurdly complicated to pull off. Anderson and his students always claim that people have said they saw fraudulent transactions in the real world, so it must be happening, but it's unclear if it's really done the ways they claim. Also, EMV has been patched several  times. Some attacks don't work if the bank update their server software, etc. It doesn't matter to them, they make an "EMV is broken" press release anyway.

Chip and PIN may not have totally eliminated all fraud, but who would have thought it'd do that anyway? Technology always advances. What nobody disputes is that it reduced the problem dramatically for card present transactions. Most fraud with EMV cards takes place either online where the chip is useless or via cloned magstripes in countries where Chip and PIN wasn't rolled out yet (but this is a powerful signal to the fraud detection algorithms).
ryanAC
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October 23, 2012, 03:46:26 PM
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For those in the US who want a chip & pin card for travel abroad, I suggest Andrews Federal Credit Union http://www.andrewsfcu.org
It was the only viable option I could find when I was looking 6 months ago.
You'll want to start the process a few weeks before your trip!

Domain registration with Bitcoin! http://www.namecheap.com/?aff=46859
MysteryMiner
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October 23, 2012, 04:05:46 PM
 #27

Quote
Chip and PIN may not have totally eliminated all fraud, but who would have thought it'd do that anyway? Technology always advances.
Casascius POS terminal is very hard to be cheated by customer. Double-spends are possible but it can be almost eliminated if there is some slight waiting period before the server detects it and alerts. Only the seller can cheat by redeeming private key himself before customer does it.

Credit card system is fundamentally broken in many ways and I love it! They are a brainfart of banksters and controlfags.
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