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News

2FA Experts Comment on the Vulnerability of Chip and PIN

Gridsure : 15 February, 2010  (Technical Article)
Banking transaction security has again been called into question with new flaws discovered in Chip and PIN systems leading to GrIDsure comments on alternative approaches to secure two-factor authentication
Following the revelation on the new flaws in Chip and PIN by Cambridge researchers, Stephen Howes, the CEO of GrIDsure comments on the requirement for genuine two factor authentication that goes beyond simple chip 'n PIN.

Stephen Howes, CEO of GrIDsure, believes that the Cambridge research has shown that Chip and PIN cards can no longer be considered as a two factor authentication method:

"This latest revelation about Chip and PIN cards has yet again called into question the confidence we can have in our banks and their attitude to our security. As we've seen in recent comments, banks are all trying to hide behind each other by claiming it's an 'industry issue', so the question to be asked is: who is actually going to take responsibility for this?

"As we know, the banking industry is self regulated, so it can't just bury its head in the sand especially when it's responsible for policing its own fraud. Consumers are being forced to use a system that has been shown to be broken, and ultimately it will be consumers who suffer.

"These Cambridge scientists have unearthed a fundamental flaw in the system and I think most people will be gobsmacked. Effectively they've discovered that Chip and PIN can no longer be considered a two factor solution and banks must consider making a wholesale change to their approach to fraud, which certainly won't just take five minutes.
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