In 2011, a banking group in France noticed that a dozen stolen EMV cards were being used in Belgium. In 2010, researchers at the University of Cambridge discovered a flaw that if exploited would allow criminals to use stolen chip-and-PIN cards without knowing the victim’s PIN. The attack itself was elegant. During a transaction, when the PoS requested confirmation that the entered PIN was valid from the stolen chip, the dummy chip would simply answer with the affirmative, and the transaction completes successfully. The fraud was stopped using network-level counter-measures and PoS software updates.”]