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Originally Posted by Eradic8r@Work
It'll only be a matter of time before the chips are hackable - we just have to face the fact that to keep hold of your money in the modern day world we have to be extremely aware of how and when we use our cards.
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Ah, but it is not just the method of storing the data that changes but also the method for accessing that data.
Using a magnetic strip, the card can pass through a skimmer before it enters the ATM and all the data on it can be read.
The chip has to be in permanent contact with the chip reader inside the machine for the ATM to work it cannot be skimmed on entry like a magstrip. Also, the chip does not reveal any information until after the correct PIN is sent into the chip - so you would need to know that before you could get any useful data out of it (card number, etc.).