Bank Card with Contactless Symbol: Understanding the Risks and How to Protect Yourself

Your latest bank card likely allows you to make payments with just a tap. Since 2016, many credit and debit cards worldwide have been fitted with an RFID chip, transforming your once simple card into a fully functioning contactless smart card. This innovation has made payments more convenient than ever. However, with every technological advancement, there are always risks, and unfortunately, the criminals are often one step ahead.

The Risk of Contactless Card Fraud

The rise of contactless technology has created new opportunities for fraudsters. Before the advent of RFID cards, thieves targeted ATMs by installing card skimming devices to read card details from the magnetic stripe, alongside miniature cameras or secondary keypads to capture PIN codes. However, with the introduction of NFC-enabled smartphones, these criminals can now target your card even when it is in your wallet or purse, without you even realising it.

A recent study by Which? researchers tested 10 cards and found that all of them were vulnerable to this security flaw. They were able to read the card number, expiry date, and even the last ten transaction details, although CVV numbers and cardholder names were not accessible. Despite these limitations, the researchers were able to use the card details to make a £3000 purchase online, highlighting the potential risk of this type of fraud.

How Secure Is Contactless Card Technology?

While the financial industry suggests that contactless card fraud is relatively low—estimated at 3.1p for every £100 spent using the technology, according to Financial Fraud Action UK—these figures may not reflect the full extent of the problem. Fraud tied directly to the contactless functionality of cards often goes unrecorded, meaning the true cost could be higher.

How Can You Protect Yourself from Contactless Card Fraud?

If you’re concerned about the risk of fraud, there are several ways to protect yourself. RFID-blocking wallets and card sleeves are becoming popular as they prevent thieves from accessing your card’s information remotely. Additionally, many banks are now providing options to disable the contactless feature of your card or setting spending limits for contactless payments, adding an extra layer of protection.

While fraud in this area remains low, the growing use of contactless cards in daily transactions means that security measures need to keep pace with innovation.

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