[LINK] Researchers See Privacy Pitfalls in No-Swipe Credit Cards

[Adam Todd]

This opens up a whole new world for fraud!

Just sit at a rail way station with a PDA and reader, mobile phone and 
start reading and debiting cards for $2 :)

By the time authorities link all the "fraud" claims, assuming anyone would 
bother to report a $2 transaction, and discover the location, the stations 
security tapes would be long gone!

Money for nothing.  Now I just need to work out the "Chicks for Free" part.




>http://www.nytimes.com/2006/10/23/business/23card.html
>
>>AMHERST, Mass. — They call it the “Johnny Carson attack,” for his
>>comic pose as a psychic divining the contents of an envelope.
>>
>>Tom Heydt-Benjamin tapped an envelope against a black plastic box
>>connected to his computer. Within moments, the screen showed a
>>garbled string of characters that included this: fu/kevine, along
>>with some numbers.
>>
>>Mr. Heydt-Benjamin then ripped open the envelope. Inside was a
>>credit card, fresh from the issuing bank. The card bore the name of
>>Kevin E. Fu, a computer science professor at the University of
>>Massachusetts, Amherst, who was standing nearby. The card number
>>and expiration date matched those numbers on the screen.
>>
>>The demonstration revealed potential security and privacy holes in
>>a new generation of credit cards — cards whose data is relayed by
>>radio waves without need of a signature or physical swiping through
>>a machine. Tens of millions of the cards have been issued, and
>>equipment for their use is showing up at a growing number of
>>locations, including CVS pharmacies, McDonald’s restaurants and
>>many movie theaters.