[LINK] Consumers warned over tap-and-pay technology
kim at holburn.net
Tue Jan 31 02:29:59 EST 2012
> Banks, financial institutions and now internet service providers are tapping into the market for contact-free payment systems.
> It is a time-saving temptation for busy people, but tech experts say consumers must be aware of the risks when opting for the technology.
> "Moving to the cashless environment has got distinct advantages in that context."
> Professor Livingstone says perhaps the biggest benefit to companies is the creation of a digital signature - a complete record of spending habits, no matter how small.
> And that data is worth money.
> "For each transaction that you put through the financial system you essentially have got a trail. That is worth something in terms of your spending pattern," he said.
> "Probably one of the first attacks that we're most likely to see being used by criminals are probably relay attacks," he said.
> "When you have your phone in your pocket or your card in your wallet and attackers work out a mechanism to activate the card in your pocket, relay the transaction somewhere else, maybe not even in the country and perform a transaction at a terminal by another party, stealing money from that particular account.
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