Monday, April 30, 2012

Beware Credit Card Holders: Your card details can be 'stolen - thanks to new contactless technology

At a time when use of credit cards and the notion of paperless money is expanding the world over, there are now concerns that someone passing by you in the streets may 'rob you of your credit card details' and use these for stealing your money.

Insecure: Radio frequency identification (RFID), transmits bank details via its own radio signal and could be a fraud risk
The RFID technology may make it easier to rob your credit card details [Photo: Getty Images/Mail Online]

Although the emerging 'contact-less technology' is yet to come to this part of the world - but it wouldn't be long for a handheld device of mere seven pounds to throng the local markets and made use of by the criminals to rob you even when your credit card is securely tucked in your wallet in the hi pocket of your trousers or the hand held ladies' purses.

Mail Online in its recent post has warned about the misuse of contact-less technology:

Millions of credit and debit card users could be ‘robbed by radiowave’ because of new contactless technology being brought in by banks.
Almost 20million shoppers are now able to buy goods by simply waving their card in front of a reader at the tills, even if it is still in a wallet or a purse.
But industry experts have warned that the information emitted by the cards can be stolen by fraudsters using handheld receptors that cost as little as £7 on the internet.
It means cardholders – most of whom are given a contact-less card automatically when their old one expires – can unknowingly surrender their personal bank details to a thief by simply walking past them in the street.
The technology in the card, known as radio frequency identification (RFID), transmits bank details via its own radio signal, and is accepted in many High Street chains, including Co-op, Boots and Pret-a-Manger.
Read details and be warned: Mail Online