They are used by convenience stores, department stores, grocery stores, pharmacies, fast food restaurants, and many other places where credit card payment transactions are made.
Credit card companies say it is safer because your credit card never leaves your hand. All readers do have safety features to keep your data secure after your card is read. But as we have seen , millions of cards have been compromised at some of the largest retailers in the nation.
Identity thieves and hackers continue to discover ways to beat the system.
RFID readers can be purchased by anyone and attached to a laptop with very little technical knowledge. Phone apps are available to download on your phone, at no cost, that can steal information off your credit card. These apps can send a wireless signal that can acquire your credit card number, expiration date, owners name, and more.
What are RFID Cards?
Radio Frequency Identification or RFID, is the technology that lets you wave or tap your credit card in front of a reader instead of swiping the card with a magnetic strip. The electronic reader device sends a signal that is received by the RFID chip embedded in the card.
What Is RFID Skimming?
RFID Skimming is a form of digital theft, which enables information from RFID based smart cards to be read and duplicated. Typically it works by unauthorized reading of the RFID Card contactctless at a distance using a cheap RFID reader device, which downloads the cards information. From there, the information can be written to a blank card and used to make fraudulent purchases.
RFID skimming has been happening since 2008 and will continue to grow as more credit cards are converted to RFID technology. The victim has no idea it is happening or how there information was stolen. Approximately 40% of all bank cards today have RFID chips. By the end of 2015 it is estimated that the majority of bank cards will be manufactured with RFID chips.
These RFID cards or contactless cards make it easier to complete a transaction by just waving your card by the reader. So much easier, that thieves are able to read your card just by walking past you.
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