The smart “chip” and PIN (personal Identification Number) system for processing ATM card transactions has apparently been hacked and is unsafe according to The University of Cambridge. This system is used throughout Europe and is also common to South Korea, Taiwan, Japan, Australia, Brazil and Mexico. According to one professor at Cambridge, thousands of people have had their cards hacked by criminals in the UK alone. Per the timesonline, some countries employ a better card system:
. . . While chip-and-PIN technology is common in Europe, few countries use the more secure system. Notably, America predominantly uses the magnetic swipe and signature system.
I guess this means that it is time for a change since “the attack applies to cards used on-line (where the merchant POS contacts the bank) as well as off-line”, which means the bank usually blames the card owner and denies a refund when this happens!