Eli5: How is a debit chip or tap to pay anymore secure than a mag strip with the same data on it?
In: 118
the magnetic strip just has a number tied to it. think of it like your bank account number. if a skimmer gets it, you’re screwed.
the chip or tap uses tokenized numbers. if you’ve ever used an RSA token, or a physical authenticator, it’s like that. or heck, even google authenticator. they generate an expected number in a specific order, so each time you use it, that number is no longer valid and only valid for a short period of time. so if a skimmer gets it, it’s worthless as you’ve already used it and time has already expired it. it’s way safer and companies would probably save money related to fraud if they switched to tap.chip more quickly
Latest Answers