Goodmorning frnz! Have a dodge of knowledge! ICICI Bank recently launched contactless credit and debit cards. Here is what you need to know about them: 1. How do they work Contactless debit and credit cards operate through Near Field Communication (NFC), a technology that enables devices to use radio-frequency identification to establish contact while in proximity. It can be likened to Bluetooth or WiFi. It allows communication between NFC-enabled objects at a minimum distance of 4 centimetres. ICICIs contactless cards are powered by MasterCard Contactless (credit card) and Visa payWave (debit card) know-how. In order to use a contactless card, all you need to do is tap the card at the reader at the point of sale and enter your PIN. You dont have to hand over the card to the merchant to swipe or dip it into the EDC (Electronic Data Capture) reader. 2. What are the risks These cards are already in use in some countries. There have been reports of frauds using free mobile apps to read and hack into NFC data. NFC technology is vulnerable to skimming attacks as well. The data on the card can be used for stealing the cardholders identity. There have been instances of card information being stolen by frauds using their cell phones when they are near a person carrying a contactless card. A University of Surrey study says contactless payment data can be captured by criminals from a distance of up to 40 centimetres. This is known as an eavesdropping attack. However, NFC cards issued by ICICI Bank are based on EMV chip technology. For transactions, the POS terminal has to receive the encrypted private keys generated by the chip. These cards are immune to any eavesdropping attempts.
Posted on: Tue, 20 Jan 2015 00:04:59 +0000
Trending Topics
Recently Viewed Topics
© 2015