Banks have tried every effort, from providing Magnetic Stripes based Credit and Debit Cards to Chip-and-Pin Cards, in order to secure its users from credit card cloning and card Skimmers.
It has been known from years that Magnetic stripe are incredibly hackable, but Chip-n-Pin cards have also been hacked and successfully cloned by a group of security researchers. A unit of Canada’s Bank of Montreal, BMO Harris Bank is launching the U.S.’s biggest cardless ATM network that allows its customers to withdraw cash within seconds, using nothing but their smartphones.
Read more here.