Cambridge security researchers reverse engineering the underlying protocol (called the Chip Authentication Programme or CAP) that underpins hand-held card readers. Readers are typically used alongside customer s debit cards to generate one-time codes for online banking login and transaction authentication. The researchers found a number of serious security shortcomings after reverse engineering. The study was published by Cambridge security experts at the University of Cambridge, UK, on Monday, at 10.30am GMT. The research paper is published by the university of Cambridge University, the UK, and the UK National Security Council.
Source: https://threatpost.com/cambridge-researchers-slam-banking-card-readers-022609/72372/