A post relating to this item from Finextra:
07 January 2008 | 16341 views | 0
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.
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?