Consumers are increasingly using contactless payment methods and not remembering to remove their cards from the terminals’ card readers before walking away. This leaves their information vulnerable, which can lead to identity theft. Fraudsters could retrieve your credit card or debit card number, expiration date, and CVV code if your payment method is left inserted into the terminal. Despite recent advancements in credit and debit card security protocols, such as chip cards, virtual wallets, and contactless payments (which encrypt information for every transaction), identity theft and credit card fraud are at an all-time high.
What are contactless card payments? In simple terms, with the contactless purchase, you just tap your card on the card reader at a store instead of using a traditional credit or debit card. Since the majority of new purchases these days are made in cashless stores, contactless technology provides convenience for online and brick-and-mortar shoppers without risking charge-backs or other problems. The contactless mode is an easy, convenient way to make payments, whether you choose to use a physical credit or debit card that’s been added to your smartphone’s digital wallet or you’re ready to use your mobile device’s feature. Since the advent of Stage One, the revenue generated by contactless card payment has been rising steadily,
Transaction fraud is on the rise. Bank’s contactless card feature lets you know that, at checkout, your debit or credit card is actually in your hand and that it’s not a counterfeit card. For protection, while travelling, you may want to contact your issuer beforehand to add certain travel dates (this information may already be in place). Whether you use your credit cards to buy gas, groceries, or items online, there are ways you can keep your information safe. You can read user reviews of our contactless cards in Popular Mechanics magazine and other publications.
Contactless payments are growing in popularity, but like any new technology, they come with pros and cons. While consumers enjoy the convenience of tap-and-go payments on their credit cards and smartphones, there are potential drawbacks. Tap-and-go payments are secure and easy to use. They’re faster than using your chip or signature, and you can even make contactless payments while standing in line. Get paid faster when you choose to use the contactless payment services available with your debit card. If you’re like us, you’ve grown to love the speed of placing items onto a checkout belt rather than taking out your wallet. But what if you could pay even faster? With contactless card payment, there’s no need to fumble for your wallet or purse: All you need is Your card-any card-or phone to tap, tap, tap and go.
Unlike credit cards, debit card transactions aren’t processed through a central company, so it’s best to monitor account and credit card balances regularly. If you’re notified of any fraudulent or unauthorised purchases, contact your credit card company immediately.
Whether you’ve already migrated to digital payment modes or you’re thinking about doing so in the future, below are a few steps you can take to keep your information safe.
If you’re travelling abroad, consider an RFID-blocking wallet. This can help protect you from electronic pickpocketing, a process by which credit card data is read remotely by a wireless device.
Manage your finances with ease and protect yourself against fraud. Set up transaction alerts to be notified when your cards are used. Enjoy peace of mind knowing that you will be alerted if a card is lost or stolen. Make sure you always know where your money is going.
To protect yourself from financial loss due to credit card fraud, be sure you set passwords on your smartphone and all other devices that contain financial information.
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