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A comment on In Urban China, Cash Is Rapidly Becoming Obsolete. Parent comment

Re:In Urban China, Cash Is Rapidly Becoming Obsolete by uiri on Monday July 17, 2017 @07:23AM (#14787462)
Actually, the data on the magnetic stripe was in plaintext. The chip has a digitally signed copy of that data. This allows the bank to authenticate the card as valid and eliminates attacks where a fake card is made with stolen data put onto the stripe.

This does nothing for online payments but very effectively curbs fraudulent card present transactions.

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Re:In Urban China, Cash Is Rapidly Becoming Obsolete by digi_owl on Monday July 17, 2017 @10:59AM (#14789070)
It goes beyond that, unless the US implementation is different to the one i am (somewhat) familiar with.

The chip is an active participant in the authentication.

it will receive digital signatures from the bank and the terminal, and if said signatures are found valid, release the payment info stored.

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Re:In Urban China, Cash Is Rapidly Becoming Obsolete by thehardsphere on Monday July 17, 2017 @11:06AM (#14789193)
I do know the US implementation is different, but I do not know if it is different in regards to this highly relevant information.
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