NFC fraud threat on the rise.
Article by Mozo
Hackers are increasingly turning their attention to gaining credit card details from Near Field Communication (NFC) enabled devices as the system increases in popularity and the amount of users.
The number of mobile devices with NFC capabilities is steadily increasing and is expected to soon make up almost 50 percent of all mobiles in use in Australia. But as the the payment system's popularity increases, so does the intention of hackers to find ways to crack NFC security and gain users credit card information and it may not be such a difficult task either, reports the News Limited Network.
The Weekend Australian reports that it was able to download an application straight off of the Google Play store to a Samsung Galaxy SIII, that gave users the means to capture credit card numbers and expiry dates, even through a wallet or purse. Although the app was unable to gather the 3 digit security number on the back of the credit card that is required for larger purchases, according to software developer, Dan Washusen, hackers are working on ways to gain access.
PayPal or Visa PayWave technology usually requires the payment device to be within a range of 10 cm to be read and make a payment but according to head of IT practice at AT Kearney, Marco Ciobo, increasing the power on an NFC reader would allow users to gather credit card information off of a device, from meters away.
While methods may be changing, credit card fraud itself is not new and according to a Visa spokeswoman although it is possible to retrieve details off of a device, there is no higher threat than that with a plastic credit card.
"Millions of contactless payments are being made every month and there has been no impact on fraud rates," she said.
NFC payments are certain to become a large part of Australia's retail payment future but it seems that the need for a credit card will still be just as necessary. Australians can compare credit cards to find the best deals on Mozo.
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