Chip 'n' Pin
Sounds like a pair of drunken chipmunks ...
Incredibly, years after Professor Ross Anderson's successful war with the banks forced them to admit first that card fraud existed, secondly that it was a problem, and thirdly that one major bank's IT department was implicated, and finally to replace the system, one of his PhD students is having to refight the war all over again - this time, because the banks are trying to deny that it is possible to breach Chip-and-PIN. Despite the existence of multiple security breaches, notably the failover attack in which readers are sabotaged so that the chip cannot be read, and the reader instead reads data off the back-up magnetic stripe, which is then used to make withdrawals in a non-PIN country, the yes card attack, in which a fake card is prepared whose chip responds "yes" to any given PIN, and the possibility of large-scale reader subversion (at least one type of card reader uses a small linux OS which can be remotely managed over a wide-area network; if the administrator security is compromised, an online attacker could do anything they liked with them. These are the ones involved in the Shell security breach), they are still trying to claim infallibility.
.. but is still not secure ...
Tags: wtwu, chipmunks, chip and pin, insecurity, not fit for purpose, rants