The Security of Contactless Payments: Common Myths Debunked

The Security of Contactless Payments: Common Myths Debunked

MICHAEL ZETSER

The Security of Contactless Payments: Common Myths Debunked Contactless cards and other forms of contactless payment are becoming more widely adopted around the world as consumers and businesses work to control the global pandemic. There are several common myths about a lack of security in contactless cards, which are debunked here.

Myth 1: Contactless Cards Can Be Read from a Distance False – the technology in contactless cards uses a radio frequency of 13.56Mhz. This transmits digital data only a very short distance.

Most cards need to be within 4cm to be read by a machine and beyond 10cm reading them is impossible.

MICHAEL ZETSER

Myth 2: Data Skimmers Can Clone My Contactless Card False – the way data is stored in a contactless card means that only a genuine POS machine can read it and facilitate a transaction.

Thieves with equipment such as NFC readers would not be able to extract enough information to make a clone.

Myth 3: Thieves Could Rack Up Multiple Small Payments False – contactless cards require the user to input their PIN after just a few transactions to ‘reset’ the card, so thieves would only be able to use it a handful of times.

Banks are also willing to cover any small amounts spent on a contactless card once it has been reported stolen.

False – the way data is stored in a contactless card means that only a genuine POS machine can read it and facilitate a transaction.

YOU CAN LEARN MORE ABOUT CREDIT CARD INDUSTRY TRENDS BY VISITING THE BLOG OF MICHAEL ZETSER.