Think that limit on contactless payments is going to protect you from big thefts? Think again
Share to twitterThink that £30 limit on contactless payments is going to protect you from big thefts? Think again.
Card thieves can now make larger payments than they could before. But now, they don’t even need to steal the card. Criminals could, for instance, take a payment from a card when the user wasn’t looking with their own mobile payments machine . Or even more dastardly, it’s possible to take a payment reading from a credit card using a mobile phone, send the data to another phone and make a payment on that second device going beyond the limit, the researchers claimed.
They’re still testing whether the hack would work elsewhere in the world, but Galloway confirmed it was not limited to a single country. The limit, of course, differs between nations. For instance, in the U.S., it’s considerably higher at $100.That doesn’t detract from the finding that the limit set on Visa cards can be broken. But Visa isn’t planning on updating its systems to deal with the hack.
The researchers said these checks hadn’t been made mandatory by Visa, as they had been by its rivals. And as banks follow the guidelines laid out by Visa, it could be doing more to address the issue, Galloway said. Though Visa said that card issuers are ultimately responsible for validating transactions.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Sri Lanka gives free visa to boost tourism after bomb blastsSri Lanka announces it will give a one-month free visa on arrival to visitors from nearly 50 countries in its latest effort to revive the island nation's lucrative tourism industry that was badly hit by the Easter bomb attacks.
Read more »
The Capital One hack exposes the risks of racking up credit-card rewardsvCapital One revealed that more than 100 million of its customers had their personal data exposed in a hacking.
Read more »
The Capital One Venture card comes with valuable travel benefits — our card review breaks down why it's worth the $95 annual feeThe Capital One Venture Rewards credit card has a big sign-up bonus, makes it easy to earn and redeem miles, and has valuable benefits.
Read more »
The ex-Amazon employee who allegedly hacked into the 5th largest credit card company in the US posted about it online, the FBI says.FBI agent Joel Martini laid out evidence in the criminal complaint, which was found online on Github, Slack, Meetup, and Twitter.
Read more »
100 million Capital One credit-card customers have had their data hacked. Here's what you should do instead of freaking out.Capital One reported that it was hit with a data breach affecting 100 million users in the US. Here's what to do, according to a financial planner.
Read more »
Chance The Rapper's New Album, The Big Day, Is Getting A Big TourThe only thing bigger than a new chancetherapper album is a new Chance The Rapper tour 🎉
Read more »