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> physical attack is possible if one is willing to spend like over 100K per card.

Firmware recovery from "hardened" microcontrollers costs $15-25k here, and even that's most likely a "special foreigner price"



It’s not about firmware recovery: it’s about tampering it in a non-intrusive way OR extracting keys from its secured non volatile memory.


Yes, MCU with intentionally hardened flash blocks are what those firmware recoverers specialize. They do things like gemalto chips sim and credit cards.


the firmware should not be in internal flash though, where the keys are




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