Chip Credit Cards, New Security Flaw Found

Local News
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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.

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