How safe is the Mobile phone contactless payment technology

How safe is the Mobile phone contactless payment technology




Mobile phone contactless payment technology and how credit cards can be plundered by cyber identity thieves




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Mobile phone contactless payment technology is the new must have payment solution in the UK however how safe is the Mobile phone contactless payment technology

 
Mobile Phone Charging machine UK


Are thousands of UK debit and credit card holders are at risk of having their personal data cloned by thieves exploiting a loophole in the latest ‘contactless’ payment technology or identity stolen.
Your debit and credit card details like the card numbers and personal details can be read almost instantly by a remote device such as a mobile phone, according to cyber-crime experts.
Contactless cards have been in use for five years and are becomingly increasingly popular as they save time for retailers and customers by speeding up transactions.

Mobile Phone charging station UK

UK customers use them to pay for less costly items (£50 or under) without having to key in a PIN number or scrabble around for cash. Instead, they simply scan their plastic over an electronic reader at the till.

But the new technology is vulnerable to thieves, fraudster and conmen. Any stranger who found or stole one of the cards could go on a small-scale spending spree of up to £100 – as the reader requires a PIN only after five transactions in one day.



And this week we witnessed how details from the cards can be wirelessly copied by a touch screen phone – modified with parts bought on the internet for as little as £30.
By simply holding the phone near a wallet, our reporter was able to download the details within two seconds, fuelling fears that the technology could be exploited by thieves in a crowd or by brushing past someone.

The unsuspecting victim would be unaware their data had been stolen until they received their bank statement, but the stolen information could be used to make purchases online from retailers such as Amazon, who do not require a security code or further checks for most purchases.
The majority of contactless cards belong to Barclays customers, accounting for 19.3 million cards.
Britons now make 5.4 million contactless card transactions a month, up from 2.5 million at the start of the year. There are 232,000 card readers across the country.


There are plans afoot to phase out the ‘magnetic strip’ credit cards, store cards and supermarket loyalty cards in favour of contactless and chip and PIN technology.

Last night a spokesman for the UK Cards Association said: ‘We always welcome contributions from researchers on addressing potential vulnerabilities in the payments system.’

A spokesman for Visa Europe said: ‘Our latest required specification for contactless cards does block access to the cardholder name.’
Amazon said: ‘We do not comment on our methods of fraud prevention.’


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