Here is a reality check for all the Bitcoin naysayers, the most widely used conventional electronic payment system – credit/debit cards are not really as secure as we had earlier thought. A serious protocol level flaw exposed by a couple of German security experts bares it all. It is not just the security flaw one has to be concerned about, but also the banks’ apathy towards fixing it!
A recent report carried by well-known Russian media channel, Russia Today describes the serious security flaw in POS terminals. According to Karsten Nohl, one of the security experts from the Berlin based Security Research Labs this security flaw needs a lot of work than just a patch as it is found in the fund transfer protocol itself.
Both the security researchers, Karsten Nohl and his partner Fabian Braunlein are expert code-breakers who targeted the payment terminal protocol to identify the security flaw. The security flaw can be utilized by hackers to drain the bank accounts connected to any compromised card. In order to do that, the