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Walmart exec predicts holiday shopping season ‘anarchy’ due to chip credit cards

Discussion in 'Network World' started by RSS, Oct 28, 2015.

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    RSS New Member Member

    Just what we don’t need…‘anarchy’ during the holiday shopping season. But a top payment executive at Walmart claimed that is what could happen due to the timing of forcing merchants to have chip-an-pin credit card payment terminals.

    U.S. banks replaced hundreds of millions of credit and debit cards that rely on magnetic strips, which store data, with new cards that contain a small gold EMV microchip; the new cards are hyped as being much more secure, even though the cards have been hacked through man-in-the-middle attacks. French scientists also discovered how criminals altered stolen credit cards that were supposed to be protected by a security chip and a PIN code the crooks didn’t know.

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