Apac
  • Home
  • CXO Insights
  • CIO Views
  • News
  • Conferences
  • Newsletter
  • Whitepapers
  • About us
Apac
  • Admired Tech

    Agile

    AI Healthcare

    Artificial Intelligence

    Augmented Reality

    Aviation

    Big Data

    Blockchain

    Cloud

    Cryptocurrency

    Cyber Security

    DevOps

    Digital Transformation

    Drone

    HPC

    Infrared

    Internet of Things

    IT Services

    Marine Tech

    Networking

    PropTech

    Remote Work

    Robotics

    Scheduling Software

    Sensor Tech

    Simulation

    Smart City

    Software Testing

    Startup

    Storage

    Unified Communication

    Web Development

    Wireless

  • Automotive

    Banking

    Capital Market

    Construction

    E-Commerce

    Education

    FinTech

    Food and Beverages

    Gov and Public

    Healthcare

    Insurance

    Legal

    Logistics

    Manufacturing

    Media and Entertainment

    Metals and Mining

    Pharma and Life Science

    Retail

    Sports

    Travel and Hospitality

  • CISCO

    Google

    IBM

    Microsoft

    Oracle

    Salesforce

    SAP

    ServiceNow

  • Business Intelligence

    CEM

    Cloud-based Planning

    Cognitive

    Collaboration

    Compliance

    Contact Center

    Contact Tracing

    Contactless Payments

    Corporate Finance

    CRM

    Custom Software Development

    Data Center

    Digital Signage

    Enterprise Architecture

    Enterprise Asset Management

    Enterprise Communications

    Enterprise Contract Management

    Enterprise Performance Management

    ERP

    Facility Management

    Field Service

    Fleet Management

    Gamification

    HR Technology

    IT Infrastructure

    IT Service Management

    Managed Services

    PLM

    Procurement

    Product Management

    Project Management

    RegTech

    Revenue Management

    Sales Tech

Menu
    • CISCO
    • Collaboration
    • Compliance
    • Contact Center
    • Healthcare
    • IT Service Management
    • Microsoft
    • Retail
    • MORE
    #

    Apac CIO Outlook Weekly Brief

    ×

    Be first to read the latest tech news, Industry Leader's Insights, and CIO interviews of medium and large enterprises exclusively from Apac CIO Outlook

    Subscribe

    loading

    THANK YOU FOR SUBSCRIBING

    • Home
    • News
    • Contactless Payments
    Editor's Pick (1 - 4 of 8)
    left
    Ever-increasing Data and the Changing landscape

    William John Streitberg, Chief Information and Technology Officer, Hong Leong Bank Berhad

    A Look Back at the Last Decade in Payments - 2010-2020

    Jesse Sandoval, SVP & Director of Global Payments, East West Bank

    Upgraded Cards, Upgraded Insights

    Joe Agostinelli, Research and Analytics, Vibrant Credit Union

    Pandemic Payments - Paychecks, Programs and Pivots

    Christopher Danvers, Vice President Digital Strategy & Payments at American Airlines Federal Credit Union

    New Alliances Will Drive FinTech Innovation

    Sheri Rhodes, Chief Technology Officer, Western Union

    Business Strategy and Management

    Neel Augusthy, CFO SEA, Medtronic

    Trade Finance: Seasonal climate and survival tips

    Manish Joshi, First Vice President, Global Supply Chain Finance, Sumitomo Mitsui Banking Corporation Singapore

    Digital Transformation Technology Implications For Insurance Companies

    Alan Royal, Head of Technology Innovation and Business Transformation, Strategy CIO

    right

    Is Contactless Payment Really Safe?

    By Apac CIO Outlook | Wednesday, October 07, 2020
    Tweet

    Contactless credit cards utilize radio frequency identification (RFID) to transmit data. Hackers have taken advantage of it by making fake scanners or using card skimmers designed to steal data transmitted through RFID.

    FREMONT, CA: Contactless payment is the 90s innovation, and now it is on a roll across the world. Both consumers and companies are finding ways to conduct businesses with the least possible physical interaction during in-person transactions.

    People living the fast-paced lifestyle do not want to waste their valuable times by waiting in billing queue or counting cash to make a purchase. They want to travel light and secured with no fear of losing their money. Retailers are looking to reduce cart abandonment by providing a seamless payment experience. However, while considering the benefits of contactless payments, one should also have a look at the risks associated with it.

    Risks that Come with Convenience

    When it comes to convenience, contactless payment has kept its promise. But, like any other technology, it raises concerns regarding data privacy and mobile security. Since one does not need a PIN, a stolen phone or a lost credit card can give criminal’s easy access to the one’s account. A phone without proper security features in places increases the chances of fraudulent transactions.

    Contactless credit cards utilize radio frequency identification (RFID) to transmit data. Hackers have taken advantage of it by making fake scanners or using card skimmers designed to steal data transmitted through RFID. Once hackers get the needed information from the card or wallet, they can create cloned cards. On the other hand, mobile wallets depend on near-field communication (NFC) that transmits data within a very close range. It still is one of the safest ways to conduct financial transactions.

    Since contactless payments can reduce fraud through more secure methods of transmission and mobile device locks. However, another potential threat could be data privacy. Contactless systems collect copious amounts of data from users and can utilize that information to track them. And not to forget, any time uses download an app to their smartphone, there is a high risk of malware or man-in-the-middle (MitM) attacks that can access information stored on the device, including personal information, bank account numbers, confidential work files and more.

    tag

    Financial

    Weekly Brief

    loading
    Top 10 ITSM Consulting/Service Companies 2020
    ON THE DECK

    IT Service Management 2020

    Top Vendors

    IT Service Management 2019

    Top Vendors

    Previous Next

    I agree We use cookies on this website to enhance your user experience. By clicking any link on this page you are giving your consent for us to set cookies. More info

    Read Also

    Four Security Issues in IoT

    Four Security Issues in IoT

    Four Use Cases of AR/VR Technology in Employee Training

    Four Use Cases of AR/VR Technology in Employee Training

    Five Major Trends in Digital Transformation for Businesses

    Five Major Trends in Digital Transformation for Businesses

    How Blockchain Reinvents Regtech

    How Blockchain Reinvents Regtech

    Five AI Technologies to Help Boost Business

    Five AI Technologies to Help Boost Business

    Popular E-Commerce Growth Trends in 2021

    Popular E-Commerce Growth Trends in 2021

    Loading...

    Copyright © 2021 APAC CIOoutlook. All rights reserved. Registration on or use of this site constitutes acceptance of our Terms of Use and Privacy Policy  |  Sitemap |  Subscribe

    follow on linkedinfollow on twitter follow on rss
    This content is copyright protected

    However, if you would like to share the information in this article, you may use the link below:

    https://www.apacciooutlook.com/news/is-contactless-payment-really-safe-nwid-7765.html