22 August 2017
Elizabeth Lumley
Elizabeth Lumley

Elizabeth Lumley

Elizabeth Lumley - Girl, Disrupted

165Posts 683,618Views 173Comments

There's safety in contactless payments

26 October 2009  |  2531 views  |  3

Finextra recently sat down with Richard Allen, principal consultant at Consullt Hyperion. The firm recently set up a dedicated unit looking at card fraud and all the 'scary things' being perpetrated by hackers. The video is here.

Although Allen does talk about the success of chip and pin and services like 'Verified by Visa' in reducing card fraud, he offers a rosy picture of contactless payments.

People are very concerned with contactless payments, he says. Some wonder whether, if they have a contactless card in their pocket someone may be able to extract that information, or somehow evesdrop onto a payment and extract personal information.

Howevever, he says, the contactless payments industry is well prepared for those types of attacks. If any hacker were able to steal the information that may travel over a millimeter of space, that information would be useless to the hacker.

In fact, he says, bank fraud trends in the future are less likely to come from contactless payments than other payments industries.

TagsSecurityPayments

Comments: (3)

Dean Procter
Dean Procter - Transinteract - Sydney | 27 October, 2009, 03:18

The last statement may prove to be true - perhaps when they have ceased to be used for online banking and payments.

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Jonathan Rosenne
Jonathan Rosenne - QSM Programming Ltd. - Tel Aviv | 27 October, 2009, 16:40

It would be nice to have some specifics concerning contactless, e.g. how does one prevent a legitimate merchant randomly charging passers-by with the help of a powerfull antenna and a modified terminal?

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Dean Procter
Dean Procter - Transinteract - Sydney | 29 October, 2009, 12:48

I believe that the cards and e-passport can be read from up to 500m whilst the card is being read.

I also found Coron, Naccache and Tibouchi's attack interesting.

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job title Global FinTech Commentator
location Crayford
member since 2009
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Global FinTech commentator. Author of the Girl, Disrupted blog

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