For quite some time we’ve heard all about the ongoing efforts of making our credit cards and debit cards safer and more difficult for thieves to steal them. We don’t want to sacrifice the convenience these dynamic options present, so naturally, credit card companies and the financial sector as a whole must maintain what works while fixing what falls short.
We all carry cards that have these small chips embedded in them. Now, though, every single new credit card issued in the U.S. will be capable of the new and safer contactless payments through RFID or NFC.
Many consumers already know the convenience (and yes, the “cool factor” too) of being able to pay just by holding your card near a reader. It’s very…. modern (not to mention convenient). This technology also adds security as you never have to physically let go of your card. Not only that, but there’s no need to cover a keypad in an effort to ensure no one hijacks your PIN. For it to work, though, you must have one of the newer credit cards with this technology.
Improved , Not Perfect
While this technology certainly adds another element of safety, there will always exist some small degree of vulnerability. There exists the possibility of someone using their own reader to collect your pertinent information without your ever knowing it. Your card might not even be out of your wallet, but the data is still vulnerable because it is always accessible. Even worse, you will have no way of knowing your card has been tampered with until the damage is done.
You can be sure, though, that the card companies and technology companies are doing all they can to minimize this vulnerability.
A Solution
As a matter of fact, there is a group of brilliant researchers at the Pittsburgh Swanson School of Engineering and they say they might have a solution. Even better? The solution appears to be incredibly simple. It consists of an on/off button for your credit card.
It’s currently a prototype, but early tests reveal this new system renders a credit card unable to transmit information to a reader in the “off” state (also the default). Turning it on means placing your finger or thumb within a designated area on the card. The card is then activated and can function as intended.
As with all things technology-related, it’s in the infancy stages and even after it’s introduced to a wide range of consumers, it too will continue to evolve in its efforts of staying one step ahead of the thieves and fraudsters.
