Banks are knowingly allowing fraudsters to steal billions of pounds from customers by refusing to acknowledge vulnerabilities in chip and pin systems, according to a leading expert. Professor Ross Anderson of Cambridge and Edinburgh Universities has been warning about the vulnerabilities of chip and pin technology for over a decade. Despite banks being legally required to refund unauthorized transactions, they often deny refunds by claiming that chip and pin transactions cannot be compromised. The Financial Services Ombudsman (FOS) also supports these claims and typically rules in favor of the banks. Professor Anderson argues that this denial of the existence of fraud is actually encouraging more fraud. He estimates that banks have been misattributing over a hundred million pounds in fraud losses to customers each year for at least the past ten years.
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