Breaking : Credit Card Magnetic Strips Hacked!
If the security risks faced by credit card users weren’t already enough, now the security information that is stored in a magnetic strip behind the card can be hacked and be used for malicious purposes. Hacking the data on the magnetic strip so far has been unsuccessful but RFID security guru Adam Laurie has come up with a test program named CHaP.py, specifically designed to read the chip and PIN credit cards that comply with the EMV standard.
Here’s what Wikipedia has to say about the EMV Standard :
The EMV is a standard for interoperation of IC cards (”Chip cards”) and IC capable POS terminals and ATM’s, for authenticating credit and debit card payments. The name EMV comes from the initial letters of Europay, MasterCard and VISA, the three companies which originally cooperated to develop the standard. It defines the interaction at the physical, electrical, data and application levels between IC cards and IC card processing devices for financial transactions
