zlacker

The error in logic there is that chip usage is stronger proof, but not infallible. How was the account started? Cards can be stolen from mailboxes and purses. Some smartcard manufacturers have poor key handling security; Gemalto emailed keys before writing them to SIMs. Some EMV chips were vulnerable to replay attacks due to shoddy implementation.

This is why consumer protection laws are more important than any technical means of financial security. Having a super duper hardware wallet to store your cryptocurrency doesn't negate the irreversible nature of transactions.

Raw data is even harder to secure than money. Money in a banking system can be clawed back or frozen. Data can't be un-leaked.