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Banks should be accountable?

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posted on Feb, 27 2008 @ 06:13 AM
should banks be accountable for ID fraud caused by the so called secure Chip and Pin which isnt as secure as the Banks make it out to be?

i was watching this report on thde bbc news wensite where they got a
professor and cambridge students to talk about the vunrabilities of the chip and pin going on to showing a demo of the students actuily hacking one just by exploiting redundent parts in the machine.

the most funny part is that no data is encrpted that travels from the card to the device so anyone that can get to that has free access to the information.



This time, I'm staring at a couple of desks strewn with the machines familiar to shoppers everywhere. But these Chip and PIN machines are different, they've been prised open to reveal their insides.

Some have wires and oscilloscopes attached. It's electronic open heart surgery.

Almost as soon as Steven Murdoch and Saar Drimer start talking, the image in my mind's eye, is of a similar room, perhaps a bit better equipped.

Similar figures hunched over similar desks. Not these two Cambridge researchers though, but the bad guys. They're just as bright, similarly educated, about the same age - but on the other side.

should the Goverment step in and get the Banks to get their hands out of their behinds and do something insted of using the same reasons to stick with the org chip and pin.

and start making the system more secure for the public?

or is this because the goverment hasnt got any morol ground to stand on as most their departments seem to lose information on a dialy basis?


posted on Feb, 27 2008 @ 07:58 AM
Personally I prefer the free-market solution: people should stop using the cards. I've never heard of anyone getting their identity stolen or their bank account drained all because they paid with cash.

But you don't already have credit/debit/ATM card fraud protection by law? Here even if your ATM card is stolen along with the PIN, if you report it quickly you're only liable for $50.


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