Quote:
Originally Posted by Hom3r
Correct me if im wrong, but this contactless method (I have a Barclaycard with this) is limited to small amounts of around £10/20, and still require a pin ?
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The issue with this is that the cards transmit the cardholder's name, the card number, and the expiry date... all unencrypted.
If someone obtains that information, they can then use the card details to make purchases online (at sites like Amazon, which don't use the CVV number), without any of the "small transaction restrictions" that are in place when physically using the contactless card in a shop.
EDIT:
The original C4 News story -
http://www.channel4.com/news/million...posed-to-fraud