Chip-and-PIN flaw to be investigated by industry body

The body that oversees the technology behind chip-based payment cards is to investigate chip-and-PIN security, following claims that the protocol has been broken.
The specification body, EMVCo, said it will analyze a paper by researchers from Cambridge University, who demonstrated an attack with a valid payment card that did not require a valid PIN to be entered to complete a transaction.
EMVCo, owned by American Express, JCB, MasterCard and Visa, said those debit- and credit-card payment companies will also scrutinize the paper.