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- June 8, 2022
Contactless Credit Card Security & Risk That You Must Know
In general, contactless credit cards have been in use worldwide for quite some time now, and because of Covid, the touchless payment system has become more popular than ever.
As with EMV and other payment technologies, the US market has been slower to adapt than the other nations within Europe and Asia. With the popularity and increased demand for contactless payment solutions comes questions about Contactless Credit Card Security.
Some of these concerns include both long-range and short-range skimming. This is where criminals may attempt to use both long- and short-range RFID readers to extract sensitive account data from contactless credit cards. Since Contactless Credit Cards adhere to ISO/IEC 14443 standards where the card uses a 13.56 Mhz radio frequency that only transmits data within a precise range of 4 cm or less, you can be rest assured that this process is not as easy to accomplish as one may think.
Benefit Of The Contactless Credit Card
Another benefit of the contactless credit card is that it is practically impossible to collect enough data from any card to complete an online purchase. Only POS solutions provided by an acquiring bank can communicate with the card, and anyone attempting to use a genuine POS solution would be identified by the processing network.
Another added layer of security is that only low value contactless transactions can be made without a PIN code. There are also a limit set in many countries on how many contactless transactions can be authorized within a set limit of time where a reset chip and PIN mode is required or the card will stop functioning in contactless mode.
With the above practices and the fact that the issuing bank will cover small amounts of fraud, the card holder can rest assured that the use of their contactless credit card is not only convenient, but secure.
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