Chip, Pin and Tetris
Saar Drimer and Steven Murdoch will be getting lumps of coal from the banking industry, and amused laughter from the rest of us:
It is important to remember, however, that even perfect tamper resistance only ensures that the terminal will no longer be able to communicate with the bank once opened. It does not prevent anyone from replacing most of the terminal’s hardware and presenting it to customers as legitimate, so freely collecting card details and PINs.
See “Chip & PIN terminal playing Tetris” at Light Blue Touchpaper, along with the video link.