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Why the Heyday of Credit Card Fraud Is Almost Over

The golden age of credit card fraud is drawing to a close, and history will regard Home Depot, TJX, Target, and all other breaches as a single massive exploit against one catastrophic security hole: The banks’ use of roughly 23 characters of magnetically encoded data as the sole authentication mechanism for a consumer payment infrastructure that generated 26.2 billion transactions in 2012 alone. Engineering students will study that gaffe with the astonished bemusement with which they view old footage of the Tacoma Narrows Bridge twisting in the wind.

By Kevin Poulsen

Full Story: http://www.wired.com/2014/09/emv/

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