TAMPA, Fla. (WFLA) – You know those new chip credit or debit cards you’re using because they’re supposed to be “safer than the old ones?”
8 On Your Side has a new warning for you about a potential flaw with them.
This time, it’s not just scam artists behind the security problem, it’s the little chip embedded in the corner of the plastic that’s reportedly opening the door to this latest cyber security situation.
“There is evidence that they’ve not only fallen out of cards, but they’ve been stolen or removed from cards,” John Goldsmith with the Trenam Law Firm said.
It’s because this little chip is only being held in place by a dab of glue.
“There is some evidence that they’ve been removed and replaced with a chip that didn’t work, a dummy chip,” Goldsmith said.
That shiny square in the wrong hands could easily lead to your bank account being drained.
“What would typically happen is they would take that chip, they would put it in another credit card,” Goldsmith explained.
While this new theft technique is certainly frustrating, he warns it certainly won’t be the last. That is, until we reach the level of quantum computing.
“You’re going to have a cyber security risk until we reach that level, which is many years away.”
Until that happens, one option would be to have required pin numbers on not just debit cards, but credit cards as well. However, putting that kind of technology in place for both banks and retailers would be extremely expensive.
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