Security
As with all payment devices, contactless cards have a number of security features. Contactless runs over the same chip and PIN network as normal credit and debit card transactions, there is a payment limit on single transactions and contactless cards can only be used a certain number of times before customers are asked for their PIN. Contactless debit and credit transactions are protected by the same fraud guarantee as standard transactions.
Under fraud guarantee standards US banks claim to be liable for any fraudulent transactions charged to the contactless cards. However, banks are not liable for the identity theft that the RFID card can encourage. Hence, this security issue remains the most important concern to the end user.
Read more about this topic: Contactless Payment
Famous quotes containing the word security:
“A well-regulated militia being necessary to the security of a free State, the right of the people to keep and bear arms shall not be infringed.”
—Second Amendment, U.S. Constitution (1791)
“The three great ends which a statesman ought to propose to himself in the government of a nation, are,—1. Security to possessors; 2. Facility to acquirers; and, 3. Hope to all.”
—Samuel Taylor Coleridge (1772–1834)
“Thanks to recent trends in the theory of knowledge, history is now better aware of its own worth and unassailability than it formerly was. It is precisely in its inexact character, in the fact that it can never be normative and does not have to be, that its security lies.”
—Johan Huizinga (1872–1945)