The so called "new chip" on Credit Cards are now being hacked
Lately these chips on our new credit cards have been touted as being unhackable from scammers.
If you remember the article I wrote explaining the new credit card chip I explained awhile back I explained the card strip are supposed to tell the credit card machine to use the chip instead.
(This picture makes me laugh so much! Thought you'd enjoy it too lol)
Guess what?
Scammers already figured a way around it
How are they doing it?
There is a Black Hat computer security conference every year and security researchers explained that credit card scammers are rewriting the magnetic stripe code to make it look like a chipless card again.
Therefore making the chip useless.
Sure it makes the chips somewhat more secure to the "average scammer" but eventually will be common for our credit cards to be hacked just like they were in the past unfortunately.
This credit card chip has cost American businesses $25 billion to switch over to the new chip reader credit card machines.
Unfortunately, it seems retailers spent millions upgrading their EMV readers and still can not protect their customers from a mass credit card theft like what happened to Target and Home Depot 2 years ago.
Another silly but easy thing that can easily be solvable is that retailers are simply not turning on the "Encryption" mode to "On".
Hopefully, they'll work on making this more secure for us. Just trying to relay this info to you to keep your eye out so hopefully you can prevent someone from doing this to your debit/credit cards.
I got 2 words for all this: Blockchain Technology :-)