Contactless payments technology sets the stage for future of payments. Both Radio-frequency Identification (RFID) and Near-Field Communication (NFC) technologies have been widely used in the contactless payment methods which provide consumers convenience in payment. However, the use of these technologies in contactless payments has also raised a number of concerns in privacy and security control.
Common security concerns include the writing off of well-established security measures such as PIN authorization. Without such security protocols in place, payment process can be reversed – attacks can take place by placing the reader near the payment card and thus performing an unauthorized transaction.
However, some experts have also mentioned that current contactless payment cards are just as secure as other card payment technologies and on top of that, contactless mobile phone payments have the potential to be significantly more secure as consumers are more likely to notice the loss of their mobile phone rather than the loss of one of their contactless payment cards.
In conclusion, experts advise RFID payment technology providers to ensure the highest level of security not only to prevent regulatory action but also to build consumer confidence, which will, in turn, drive take up and use of the technology.
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