How Safe Are the New Contactless Payment Systems?
As 7-Eleven, Chase, Visa and others move ahead with contactless payment systems, testing at Shell Canada raises questions about read distance that reignites fraud concerns.As the retail industry starts to embrace contactless payment in a big wayled by $41 billion retailer 7-Eleven and Chase, the nations largest issuer of credit cardsarguments are renewing about just how safe and fraud-proof these cards will be. One key argument is how easily the cards data could be read by a thief, who could then presumably use the information to either steal the customers identity or create a bogus duplicate of the card to make fraudulent purchases. The ambitious bandit might even try both. Security issues are a crucial concern surrounding credit cards, with several recent, highly publicized break-ins making consumers nervous.
The most recent report came on Friday, when