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Actually, the internals are known, it would be security through obscurity otherwise (cough GSM cough)

The mag stripe is as safe as giving everybody your CC number (with CVV code)

Which chip-and-pin two things happen:

- the chip won't work without the pin number being input

- only one transaction is authorized at a time

- the chip is not duplicable (the information needed to duplicate it can't be read from the card)




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