Contactless Credit Cards : Added Security or Greater Risk?

Contactless Credit Cards : Added Security or Greater Risk

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Just when you think that things can't get any easier, they do. At least, when it comes to the use of credit cards.

Using your credit card has always been far more convenient that having to bring cash and accounting out your money. However, the credit cards of old are a hassle compared to the newer contactless credit cards. With contactless credit cards, you don't even have to bother handing over your credit card to make a purchase, and waiting at the checkout counter while it is swiped. Instead, you yourself can make the payment by simply holding your card up to a reader, and waiting for the light to turn green.

Contactless credit cards are great, not only because of the convenience they bring, but also because of the added security. With old credit cards, strangers handle your cards regularly, which can pose a serious security risk. We all know after all the modus operandi of credit card scammers, where they scan your credit card on a fake scanner to get your details or pay for other purchases. The less handling by other people, the less chances of anyone scrupulous getting their hands on your card.

A valid security concern that some people raise though, is that it will be easier for thieves to make purchases using your credit card once they do manage to steal your wallet and card. This concern is addressed primarily by the limit imposed on payments using the contactless method. Usually the limit is 15, although this varies per credit card company. If your purchase is above the limit set, you will be required to still enter your PIN (a four-digit password). Since any self-respecting thief would undoubtably try to maximise the use of your credit card funds, he won't be able to use the card for much without knowing your PIN. If the thief persists in buying things that are worth 15 and under, one at a time, chances are that you would have had already reported the loss or theft of your card before he can do much damage. Aside from that you will also be required to use the PIN methods occasionally, at random, to make those that would take advantage of your card feel uncertain, since they never know if they will be asked for a PIN or not. The best credit cards also offer protection from fraud, so that any spurious contactless transactions that are made before and after you report the loss of your card will be covered.

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