Originally Posted by cvarming

Can you please provide references to research showing that "the chip can be counterfeited just like a magnetic strip". SIM cards (same chips as on EMV cards) have been around for more than 20 years and their security features are always up for evaluation. We have seen attacks due to the use of poor old DES keys to sign updates, but as such attacks become known to the manufactures they will improve their chips (OMG some SIM manufactures actually still use DES). Anyway, I am not familiar with the authentication technology used on the EMV chips (hopefully AES?), but even if it is broken a few times, a round of reissuing cards can fix that. This is very different from magnetic strips that nobody can fix.