Do High Tech Credit Cards Invite Identity Theft? RFID Security Flaws
November 17th, 2011
Credit cards with radio frequency technology (RF credit cards) are promoted as faster and more convenient credit cards, but may make users a larger target for identity theft. Instead of swiping a credit card through a credit card processing terminal at the register, RF credit cards are just waved in front of a reader. The RFID, or radio-frequency identification technology – started in 2005 with JP Morgan Chase, and is now available on cards issued from American Express, VISA, Discover Card and MasterCard.
RFID Security Flaws
Since the first radio frequency credit card, privacy experts and security firms have expressed their concern of thieves accessing the card data as it is transferred from the card to the special reader through the air. In response to security concerns, some identity theft prevention companies have created products to block RFID technology.
When security companies walked around an airport, they were able to get full credit card details and expiration dates with a $100 scanning device anyone can purchase online. Some people with RFID cards didnt even realize they had cards with this technology.
With radio frequency, thieves do not need to physically gain access to your credit cards, instead they just need a reading device and to stand near you in a public place to pull the information out of the air.
How to Prevent Identity Theft with Radio Frequency Cards
If you have radio frequency credit cards in your wallet, consider purchasing a product that prevents transmission of the data. This means you can keep your cards in the protective item, and walk freely in public without fear that an inexpensive device carried by a thief is going to read your credit card data when you walk by. If you arent sure if your cards are RFID compatible, call your credit card company and ask.
Add your comment
Tags: Credit Cards, Identity Theft, Theft
institutions are looking for ways to increase their revenues after being hit with a larger number of regulations for the way they could charge fees, according to a report from Reuters. Executives for a number of the nation’s largest regional banks recently met in Las Vegas, Nevada, and shared ways their institutions are trying to make up for the more than $8 billion in revenues lost to limits on how much they could charge businesses for processing debit card transactions and other fee caps.The problem became particularly stark when it became clear, just in the last few weeks, how vociferously consumers opposed being charged a monthly fee for using their debit cards to make purchases, the report said.