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In theory, smartcards should have reduced fraud by making bankcards much harder to copy and by enabling banks to authenticate users at the point of sale using PINs rather than signatures. The practice has been different. In Britain, for example, fraud first went up, then down, and is now headed upwards again. There have been many fascinating attacks, which I'll describe. The certification system wasn't fit for purpose, so terminals that were certified as tamper-resistant turned out not to be.