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A post relating to this item from Finextra:

Halifax facing chip and PIN fraud lawsuit

07 January 2008  |  16341 views  |  0
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UK high street bank Halifax is facing a lawsuit brought by a customer who claims that fraudsters cloned his chip-based card and withdrew £2100 from his account at ATMs.

Interesting precedent to be set...

07 January 2008  |  2899 views  |  0

What will the consequences be either way, Ladies & Gentlemen?

That there are flaws within the system itself is obvious.  The fallback to signature if there's a fault with the chip is just too simple to exploit.  Is the issue the technology within the mag-stripe and chip, or is it that there are basic problems with PIN itself?

But if it's the case that Chip & PIN isn't the magic bullet that it was touted as, do the banks have a viable alternative?

Who else has seen GrIDsure? 

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