Originally Posted by
icknay
so a bad guy could make a mag-stripe card by intercepting my EMV transaction?
Welcome to FT!
In addition to what
alexmt said above, if one were also try to use the fake credit card at an EMV enabled terminal, it would also beep that this card is invalid because it lacks a chip.
It already does that today when we use try to swipe our EMV cards at EMV enabled Walmarts; swipe it, shows an error message to insert the card instead. Can't insert a non-chipped card so can't go any further than that.
But as others have stated, EMV is not a fool proof panacea solution (and to reiterate my position all along, there is no such thing as 100% fool proof security). It's still vulnerable to card-not-present transactions (i.e. over the phone orders, online shopping, etc.) so skimming fraud today may end up shifting to those areas instead.