Chip and Pin Debit & Credit Cards Security Broken?

Here is a rather long, yet compelling video by an expert who shows just how the chip and pin cards are broken, and what they describe as the most open vulnerability they have ever seen in banking technologies.

How is the technology defeated.....essentially the pin is actually useless when hacked at the point of purchase, the copied cards trick the purchase device into approving the transaction as the card presented and signed for, which requires no pin.....in the demonstration they used the pin...... 0000  four times and the card was accepted every time.....but most importantly the receipt returned from the cash register shows it being accepted by the chip and pin being correct.

So the audit trail shows on all the banks records that the chip card was present and the correct pin was entered.  Why is this important and why are the banks not rushing to spend the money to fix it?

Because as the expert shows, new terms and conditions on the user contracts state that if the card is present and the correct pin is used, the card owner is solely responsible for any losses, because in the banks opinion their system is uncrackable.  So the only way they claim a purchase can be made is by you or your negligence with the card and your pin.    Not the banks problem they say.

The video shows a chart in the decline of fraud with the new cards, which is really the decline of the bank paying back cardholders their money for their flawed system.  So if you have a loss on your card and the bank won't refund you the money.....send them the link to this video.