Monday, February 8, 2016

Credit Card EMV Security Chip

I was at the checkout yesterday and they started using the new chip reader. First of all, I'm glad this is more convenient than the old way...like when you have to jam the card just a bit further into the machine or it won't take. Not only is it less convenient, but it's still only marginally more secure.

You've heard the saying "Something you have, something you know", right? It's about multifactor authentication, that added layer of security which means someone can't just have something and gain access to the secured entity. In the case of the CC this is an authentication which is missing. The clerks can check your ID, but most often they don't. So consider that for in-person transactions there is no authentication other than you have the card. Something you have.
There is some hope for the future though since eventually the chip-n-sign cards will maybe be converted to chip-n-pin cards. In my experience you don't have to sign for a lot of transactions, only over certain amounts or even at a place you visit often. From what I can tell, the system doesn't even really authenticate against the signature anyways its just some form of extra work for the consumer - perhaps another illusion of security.


Credit cards are easily dropped, lost, stolen (by someone you know or pick pocketed). Most of the time after, they can just be plugged in and used without anyone knowing since there is usually no ID check.
According to what is presented on creditcards.com, with their "nothing to see here, go back into your homes" message - it's not only going to cost over $16-billion to switch to chip-n-* cards, but there will also be an extortion style switch to merchants to purchase the POS devices that read the chips or else pay for the fraud. Ultimately the costs will be passed down to consumers and/or investors. The site claims chip-n-pin cards reduced fraud in Europe, by how much it didn't say.


But, since any measures for improving security will result in increased inconvenience and a redoubled effort to hack the new thing. Two things will result - added inconveniences for consumers and the thing will eventually be hacked anyways. I would propose using a thumbprint reader, but its very likely that would get hacked too. So lets just stick to convenience at scale and focus on making thieves pay for their crimes instead of everyone else.

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