New ATM hack allows thieves to make off with up to $50k from a single chip-and-pin card
Aug05
Touted as a safer solution to magnetic stripe cards, it seems the chip-and-pin (or EMV) counterpart might not be as secure as we once thought. After retailers around the globe made the switch to the new technology we’re now uncovering vulnerabilities in the cards that make them only marginally superior to their predecessor. A new ATM hack demonstration shows just how vulnerable they are. In the demonstration, hackers were able to use a common chip-and-pin card to withdraw money from an ATM in under 15 minutes. Rapid7, a small team of security engineers, demonstrated the hack at Black Hat, a hacker conference in Las Vegas.…
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