The so called "new chip" on Credit Cards are now being hacked
The so called "new chip" on Credit Cards are now being hacked
Lately these chips on our new credit cards have been touted as being unhackable from scammers.
If you remember the article I wrote explaining the new credit card chip I explained awhile back I explained the card strip are supposed to tell the credit card machine to use the chip instead.
(This picture makes me laugh so much! Thought you'd enjoy it too lol)
Guess what?
Scammers already figured a way around it
How are they doing it?
There is a Black Hat computer security conference every year and security researchers explained that credit card scammers are rewriting the magnetic stripe code to make it look like a chipless card again.
Therefore making the chip useless.
Sure it makes the chips somewhat more secure to the "average scammer" but eventually will be common for our credit cards to be hacked just like they were in the past unfortunately.
This credit card chip has cost American businesses $25 billion to switch over to the new chip reader credit card machines.
Unfortunately, it seems retailers spent millions upgrading their EMV readers and still can not protect their customers from a mass credit card theft like what happened to Target and Home Depot 2 years ago.
Another silly but easy thing that can easily be solvable is that retailers are simply not turning on the "Encryption" mode to "On".
Hopefully, they'll work on making this more secure for us. Just trying to relay this info to you to keep your eye out so hopefully you can prevent someone from doing this to your debit/credit cards.
I got 2 words for all this: Blockchain Technology :-)
Hey bro, you caught the blockchain bug and look what happened. I am so happy to see you rocking out and doing good things!
All thanks to you teacher...:-)
This is amazingly quick. Hackers work pretty hard I guess, keeping upwith all he new ways. Thank you for sharing. I'll be following you. Bring us more fresh and needed info!
They have scanners out their that can scan from 25 feet now...I just take my Amex card and plenty of cah when I go on trips...Amex is supreme in fraud imho
Yes, I understand there's devices that can scan the information off the chips just walking by. All kinds of people selling special protective wallets and such. What a mess!
Exactly...But blockchain will prevail
It's ridiculous that most retailers still don't have the chip readers working. I think Walmart and Target are the only two places I've ever shopped that have required me to use the chip.
This wouldn't be a problem if they had just set a hard deadline and after that date the magnetic strip can no longer be used. But of course everyone wants to drag their feet and then blame everyone except themselves. I still have two cards that don't have a chip yet.
I think they want to drag their feet for a reason imho...They do have a deadline and if your card get compromised then the company has to pay you...That deadline was for the credit card companies. Now the banks are a different story bc they have until October to implement the chip for their customers...But this all goes well for the overall blockchain
I can't stand the chip. It takes longer than swiping. Government is having us go backwards.
You are so right but remember we got to go backwards before we can go forward....and our forward is @johnnyyash is blockchain technology in which we are early adapters :-)
That's true.....but i'm scared of the chip implants they are trying to push.
Funny that you think the chips are new, we must've had those for 20 years already in Norway..
The "new" thing here now is sending payments using phone apps and nothing but phone numbers/contact names. Works great and is very handy :)
U r so right. Hopefully we catch up bc we lag behind in this industry :-(
It's funny that these "new chips" are trending on my feed. We've been using these chip cards for at least a decade in Canada. The new thing here now is to pay with phone apps.
Unfortunately I live in the USA and we get everything late being that we are a so called super power :-(
yes, the US was very slow to get the Chip. great article.
The US is slow at almost everything...But we the greatest super power in the world...I wonder what that mean by the way....
Wow, unbelievable how fast the bad guys figure it all out. Who's going to be the brilliant mind who makes the system that can't be beat?
Time to switch to Cash Only or Steem Dollars :)