Researchers said there could be a serious security flaw with chip-based credit cards.
The concern is over the cards’ magnetic strip, which is intended to tell a payment machine to use the chip. But researchers said card thieves can simply re-write the strip’s code to make it appear like a chipless card.
That allows the thieves to keep counterfeiting.
Experts said the flaw will only bolster complaints by retailers who argue they were forced by banks to accept chip-based cards.
Retailers allege the chip upgrade could cost them $25-billion dollars.