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+ - Chip and PIN payment card system vulnerable to "pre-play" hacks->

Submitted by Anonymous Coward
An anonymous reader writes "A team of Cambridge University researchers has found a flaw in the way that the algorithms for generating unique numbers for each ATM or POS transaction are implemented makes it possible for hackers to authorize illegal transactions without ever having to clone the customers' card."
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Chip and PIN payment card system vulnerable to "pre-play" hacks

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The reason that every major university maintains a department of mathematics is that it's cheaper than institutionalizing all those people.