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Submission + - Chip and PIN payment card system vulnerable to "pre-play" hacks (doctor-website.co.uk)

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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Prof: So the American government went to IBM to come up with a data encryption standard and they came up with ... Student: EBCDIC!"

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