Re:I Bought a Bitcoin
by Nursie on Friday April 05, 2013 @07:25AM
(#5497693)
It's not that broken. It's still not trivial to clone them like swipe cards.
The thrust of that paper is that using special equipment it's possible to use a genuine stolen card to do a non-PIN transaction, and that banks will often claim that PIN was used in a card-present transaction in order to avoid refunding money.
In the UK at least, and with a credit card, the bank is legally bound to return the money pending investigation, regardless of the circumstance.
(I agree this doesn't help with the BTC situation because chargeback is still a possibility)
The thrust of that paper is that using special equipment it's possible to use a genuine stolen card to do a non-PIN transaction, and that banks will often claim that PIN was used in a card-present transaction in order to avoid refunding money.
In the UK at least, and with a credit card, the bank is legally bound to return the money pending investigation, regardless of the circumstance.
(I agree this doesn't help with the BTC situation because chargeback is still a possibility)