Microscopic Vaults: The Cryptographic Architecture of EMV Chips

The transition from the magnetic stripe to the metallic EMV chip on credit cards eradicated billions of dollars in retail skimming fraud overnight. Unlike the static data stored on magnetic tape, the gold-plated square on a modern bank card is a fully functional, microscopic computer. When inserted into a retail terminal, the chip does not merely broadcast your account number. Instead, it powers...