NCR technology researchers asserted they found an upgrade flaw in chip-based cards in the United States that allows hackers to rewrite the magstripe code in order to steal card information.

However, the U.S. Payments Forum maintained it is not a flaw in EMV technology; it is an attack on the magnetic stripe.

Chip cards still have magnetic strips so consumers can use them to make purchases from merchants that have yet to upgrade to EMV-enabled terminals.

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Roy Urrico

Roy W. Urrico specializes in articles about financial technology and services for Credit Union Times, as well as ghostwriting, copywriting, and case studies. Also: writer/editor of a semi-annual newsletter for Association for Financial Technology since 1997 and history projects funded by the U.S Interior Department, National Park Service and Warren County (N.Y.).