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I know very little/nothing about cheques but I was speaking to a printer earlier in the week who advised that an average cheque costs £0.30 each!

If thats true the costs can quickly stack up for a bank, a book of 30 would be £9. Not that cheap really..

Hi Keith, how do the banks in Australia do it? I wasn't aware that they did, I only know about a Swedish bank doing this.

I think the key sentence in this article is:

"the strongest practical solution available and was just part of the multi-layered security employed"

Its not a perfect solution - far from it but at least its real! Theoretical systems that are yet to exist in the real world cannot be attacked by Cambridge University students so therefore cannot have their flaws identified.

Chris, I'd have to agree with you (and Ainsley). Unfortunately Finextra blogs are turning into adverts for products which purport to save all the ills of the world. Try and get any further information though and all you get is stone walls. I fully support anyone promoting a solution that they claim resolves all issues where others fail but only if they can back these claims up.

I could easily post I have a cure for cancer, can run faster than Usain Bolt and a better job than Rafa Benitez.....please just don't ask me to prove any of this.

Dean,

I did see that bit thanks. Did you fail to see the subsequent video where she admitted to having missed payments?

And no I don't work for a bank, I am very happy to join in on bank bashing and would happily promote as an Olympic sport in 2012, we may have a medal hope in one event at least!

Am I missing the point here? I watched her video ( a couple of them) and she states that she had some missed/late payments.

Thats surely a breach in terms and conditions and gives BOA or any other bank the right to reprice her. I would say missed/late payments are a possible indication of increased risk and a reprice is acceptable in this case.

Robert,

I agree it's not an easy task. The question is how concerned are people/goverments/banks about the level of fraud? Its fine saying it's expensive and difficult, I agree it is, but EMV does exist and works quite nicely without a Mag stripe.

There are other solutions - someone will no doubt try and sell one on here in the next few hours - but none in the 'real world' yet other than EMV.

At what point does the cost get outweighed by the benefit? If we can prevent terrorists obtaining funding through fraud and prevent hundreds/thousands of death is that worth the pain of replacing cards and upgrading devices?

Surely the best way to eliminate skimming is to remove the mag stripe. You can't clone what isn't there.

V-Pay and Payfair?

Aren't they both mythical creatures?

" consider the cost of issuing SDA chips. in addition to the $4.00 per chip cost to the issuer"

Marite, I did not recommend SDA or express any opinion on what the right solution is, I merely pointed out a flaw in your argument. You stated that SDA costs $4 per chip - this is incorrect and misleading, as your own figures clearly show.

I don't sell chips either, I just like informed debate which presents facts correctly.