In a time of increasing popularity of non-cash payments, the usage of a payment card has become a common method of transaction. Unfortunately, with the improvement of payment technology, thieves and cyber criminals besides improve their methods of fraud. fresh ways of extorting payment cards have late emerged, which may lead to unauthorized transactions. This article will present the latest threats and ways to defend our money.
New method of theft – alleged contactless skimming
One of the fresh threats that consumers must look out for is the so-called. contactless skimming. Unlike conventional methods that depended on physically copying a magnetic card bar at ATMs or payment terminals, this method uses NFC (Near Field Communication) technology, meaning contactless proximity payments.
Thiefs usage peculiar devices that can read payment card data for a short distance – up to a fewer centimeters. It is adequate for individual with specified a device to approach a individual with a card in his wallet or pocket, and the transaction will be processed automatically if the card has a proximity payment function.
What data could be intercepted?
In case of contact-free skimming, criminals may intercept the following information from your card:
- card number,
- the expiry date,
- holder's name (depending on the settings of the card),
- CVV code (not always interceptable, but in any cases may be isolated).
Although contact-free skimming seldom allows for direct major transactions, criminals can usage this data for online fraud or further fraud attempts.
Methods of protection against theft
To defend yourself from contactless skimmings and another forms of fraud, it is worth taking any simple precautions:
1. RFID safety wallets
Wallets equipped with RFID technology block the radio signal, making it impossible to read the contact card data. specified wallets can be bought in many stationary and online stores.
2. Exclusion of proximity payments
If you do not regularly usage close-up payments, you may consider turning them off in your card settings. Many banks offer the anticipation to deactivate this function through a mobile application or net banking.
3. Monitoring of transactions
Regular checking of account balance and transaction past is essential. With mobile applications you can rapidly respond to unauthorized payment and block the card before criminals can do more damage.
4. Application of the proximity payment limits
Setting a low limit for proximity transactions (e.g. 50-100 zł) minimises the hazard of losing more money. If you copy the data from the card, the thieves will have little access to your resources.
5. Using virtual cards
More and more banks are offering so-called. virtual cardswhich are intended exclusively for online transactions. They can be easy generated and utilized once, which makes it impossible to reuse even if the card data is intercepted.
Other methods of card fraud
In addition to contactless skimming, thieves besides usage other, more conventional methods of card fraud:
1. Phishing
Phishing is simply a fraud method involving sending false emails or SMS messages that match messages from a bank. Thiefs ask for a card or login to the bank's fake website.
2. Skimming at ATMs
Although chip card technology has reduced the hazard of skimming at ATMs, there is inactive a threat, especially in low-security areas. Thiefs install fake ATM caps, which copy card data.
3. Physical theft of cards
Even the most advanced technologies can't aid if the card is physically stolen. It is so worth securing your card and reporting it to the bank immediately.
What if you were a victim of fraud?
If you fishy that your card data has been stolen or an unauthorized transaction has occurred, delight contact your bank immediately. In most cases banks offer chargeback, i.e. the anticipation of withdrawing unauthorized payment, but a fast reaction is crucial. It is besides worth considering reporting the case to the police, especially if there has been greater financial losses.
New methods of stealing payment card data, specified as contact-free skimming, pose a real threat in today's world. Fortunately, there are many ways of protecting, from utilizing RFID wallets to regularly monitoring transactions. Remember that awareness and caution play a key function in financial security.
Continued here:
Watch how you pay with a card in the store. Thiefs have a fresh way of stealing data.
