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Now we use cash very rarely. In its place have come credit cards, which we use everywhere, for example in £2 deposit casino UK. Financial experts say that up to 80% of bank cards will be contactless within the next five years. The new payment option is gaining ground, and some banks are already issuing RFID cards exclusively to consumers. Let’s find out what they are and how to secure a contactless payment card. It’s important, because fraudsters are already mastering new ways to steal money.
What is a contactless card? It looks like an ordinary bank ‘plastic’. It has the same size, the same standard symbols on the surface and a magnetic strip. The difference is the RFID tag. It is a microchip with an antenna, a memory module, a receiver and a transmitter. The memory stores data about the owner. The rest of the equipment ensures that the data needed to make the payment is transmitted. The microchip is not always active; it is activated when a request is received from a payment terminal.
A contactless card payment is made as follows:
Contactless card payment is the common name for the transaction. Different payment systems implement their own wireless transaction technologies and data encryption options. For a payment terminal and an RFID module to communicate and start exchanging data, they use the 13.56 MHz standard.
This is the only vulnerability in the process. Can money be stolen from a contactless card? Theoretically, an attacker only needs equipment to intercept the data. It could interact with the microchip and make the transaction. Given that small amounts of money transfer do not require a pin code, the fraudster can withdraw money from the card unnoticed. Here’s how to protect yourself against card withdrawals.
Advantages and disadvantages of contactless cards for cardholders
The contactless payment card is so in demand because of a large number of advantages. Among them:
But there are disadvantages:
The only possible option for theft is through standalone readers. Essentially, these are ordinary wireless terminals or specially configured smartphones. An intruder activates the reader, enters a small amount of money and discreetly leans it against the place where the person keeps the wallet. This is realistically done in line at the supermarket cash register, on public transport and elsewhere. The stolen money goes into the perpetrator’s personal account. This is usually done by buying a fictitious legal entity with a terminal and bank details.
In the process, the fraudster encounters difficulties:
Nevertheless, the scheme works, and the risks are there. So let’s tell you what is the way to protect your card from fraudsters and list all the possible methods to enhance security.
How can I protect my card from being read additionally? Here are some practical tips:
Contactless bank cards are secure. Attackers have very limited opportunities to steal money. Just follow a few simple guidelines to keep your finances safe and rob fraudsters of all chances.
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