Can we finally have a payment mode that is secure enough?

Webdeveloper's Avatar, Join Date: Jun 2011
Go4Expert Member
Hi,


Just came to know that a group of Researchers at Cambridge University in a Cryptography conference presented, what they believe is a possible loophole in the 'Chip and Pin payment system'. The chip and pin payment system is at present used in more than a billion cards worldwide, which is why this proves to be a matter of grave concern for many. The researchers believe 'Poor implementation of cryptography' to be the primary reason behind weakness in the payment mode and as a result, the cards used for payment are very much prone to cloning.


Researchers even mentioned easy duplication of unique number generated by payment software that leads to the cloning of a valid card. However, the bank authorities are yet to justify their part and clear the air! What do you think guys, isn't it the time when the bank authorities start defining new modes of payment that are free from issues like duplicacy and cloning? Or is there any other way we can keep our virtual money safe?


Cheers

Maneet Puri
shabbir's Avatar, Join Date: Jul 2004
Go4Expert Founder
Is it a question or sharing of some news?
Webdeveloper's Avatar, Join Date: Jun 2011
Go4Expert Member
Actually both! I had an intention to let all the readers know of this card cloning issue, which has not been settled till now. Meanwhile, I wanted opinion on tackling such notorious issues as well
shabbir's Avatar, Join Date: Jul 2004
Go4Expert Founder
There are two sides of every coin and don't expect to have a system which has only good side of it.
Webdeveloper's Avatar, Join Date: Jun 2011
Go4Expert Member
Absolutely right! However, my point here is of overcoming the odds by discovering a new innovative technique by which bank authorities can overcome such frauds...