The banks are promoting that the so called new "Chip & Pin" cards are much safer. They are also called the EMV chip system and touted to be secure. However, this technology is 15 years old and the U.K. has has this in widespread use since 2003 — so cyber criminals have had more than a decade to figure out how to hack these cards and steal your money.
In this video from Professor Ross Anderson from the Computer Labs at the University of Cambridge explains the different ways how the Chip & PIN can be hacked. You might think that these cards are harder to defeat, but technology can be used for good and for bad. The "evil" pin card machine is the scariest of them all.
There is no substitute for STOP - LOOK - THINK, even when you use your new "chipped" credit card.
