Cambridge University security researchers have demonstrated a significant vulnerability in Chip and PIN credit card security.

"The flaw creates a means to make transactions that are 'Verified by PIN' using a stolen (uncancelled) card without knowing the PIN number," writes The Register's John Leyden.

"Fraudsters would insert a 'wedge' between the stolen card and terminal, tricking the terminal into believing that the PIN was correctly verified," Leyden writes.

Click here to read the article at The Register.