Cambridge University experts believe that the chip and pin system is broken after they were able to get it to accept transactions without the use of a pin number.
Consumer group Which? has now joined the experts in demanding an investigation into the supposed flaw to protect millions of consumers from facing fraud and identity theft.
Senior researcher at Which? Money, Cathy Neal, stated that they want banks to study these flaws because there are enough examples in which a bank claims that a pin number was used to complete a purchase but the customer has claimed that they did not use it.
Neal continued to say that banks say that if the chip and pin system is used then a customer must have used their pin, but according to the Cambridge experts this is not always the case. She stated that this shows that the system may not be flawed completely, but at some level it is not foolproof.
In a recent survey completed by Which? about 13% of people have had money taken from a credit card and another 14% stated that money has been taken straight from their bank account.
Out of those people, about half did not get reimbursed from the bank although they were insistent that the withdrawal was disputed.
Computer expert Professor Ross Anderson claimed that there is a way to get around security systems that use chip and pin in order to use a card, which makes the system no longer trustworthy on the whole.