Posted on 08/03/2018 2:34:35 AM PDT by Libloather
Forgot your bank card? No worries. Chase has you covered.
The New York City-based bank announced that it has expanded its cardless access to nearly all of its 16,000 ATMs nationwide.
The new technology will allow customers to get cash through their phone’s mobile wallet without needing a physical debit card or an access code for authentication.
Users can simple “tap” their smartphone on the ATM to “easily and securely access money on the go.”
(Excerpt) Read more at foxbusiness.com ...
That's like saying someone can hack into your PC while it's turned off (and batteries removed if it has any batteries). The chip is dead as a doorknob without voltage applied from Vcc and ground. It has no battery. It doesn't even have a capacitor to hold a little power after it is pulled from the reader. Next problem is reading a chip from a distance that is outputting signal on the connectors and nothing via RF.
Furthermore a bad guy can snatch your card but can't do anything with it but use it for a transaction with a merchant. He cannot "pull" the private key or secret key and give the card back to you compromised. It can't be compromised even if you loan it to a bad guy. He can use it for normal transactions until you get it back or have it put on a stolen card list.
(1) It is dead, (2) it doesn't transmit anything even when powered, and (3) it doesn't give up secrets, it only uses them to perform the transaction that it is presented.
Evenrything I have said applies to a chip on a credit card or in a SIM card (same kind of chip). Nothing that I have said applies to an RFID chip which is designed to be powered and respond over RF. Also does not apply to a NFC device which might have its own battery and communicates over RF. The chip on a credit card should not be confused with either of those or other devices.
Your badge at work is a variant of RFID. It has a coil to pick up power from the scanner (the credit chip has no coil, it must be powered by electrical contact). Your badge communicates via RF. The credit card chip does not.
My first CD paid 11.5%. Extra credit if you can answer who was President at that time...
My first “bank account” was at a credit union—account # was six digits. Years later, when I came home on leave, I presented my card to a cashier and she called a manager to ask if it was legitimate.
Nixon?
Nixon was President when I opened my first account, but the CD was years later during a period of stagflation.
Gotta be Carter then...[crosses fingers].
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