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Paywave Technology – is it good or bad?

Technology has always brought us with the best to humanity and make our lives better and easier but is this the case or does it have a back door to vulnerability lets find out. Paywave a technology which will save your time and ease the way you pay for your products with your credit or debit card at any supermarket, laundry or Saloon to perform wireless transactions.

A major investigation today exposes the alarming security flaws in contactless cards. In controlled tests with experts, Money Mail discovered that criminals can swipe money off these cards as you’re walking down a crowded place, sitting in a restaurant or browsing in malls. We discovered that crooks using card reading equipment can also steal information from your card that they can then use to steal your identity.

To get your card information the fraudsters just have to get only few inch close to you to scan, your card information fraud was possible with the card been safely in your wallet, handbag or jackets.

If you’re traveling on a train, walking down the street or at a bus stop your credit card or debit card information can be stolen with just a $40 card reader machine or a cell phone with NFC support. When it was successful it needed to be within a few inches of the card to record the long number on the front and the expiry date.

On the dark web criminals can also buy printers that make blank cards look just like normal ones given out by banks.Most online retailers ask for the three-digit security number on the back of your card known as the card verification value (CVV) number. This cannot be picked up by a card reader. But you would not need this to spend with the card in a shop or supermarket.

To prevent this type of fraud the cards can be wrapped with a foil paper which is not feasible or there are specific covers sold online which cover the card from information been passed and there are special wallets costing around $45 to prevent this type of hacks and Paywave frauds and leaking of your information.

In the end, technology is a tool we need to think wisely to use it for our benefits because prevention is better than cure.

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