There was a lot of discussion a couple of years ago when certain CC companies (notably Barclaycard, I think) introduced cards which could do small transaction (£10 or £20) just by waving them near a reader, without any need for a PIN. There was much disquiet at the time about the possibility of accumulating erroneous charges just by walking past a reader with a card in your pocket - quite apart from the prospect of anyone who stole your card being able to carry our multiple small transactions unfettered. There was talk of lead-lined wallets to avoid accidental use.
At the time, I cancelled my Barclaycard account because I didn't like
the idea of contactless transactions.
Now - blow me - I've just received a replacement Capital One card with
the same "feature". It was issued, even though the old one hadn't
expired, on the pretext of guarding against some unspecified security
risk, claiming that my card details "may" have fallen into the wrong
hands. I suspect that this is simply an excuse to enable them to roll
out the new type of card, since I can still use the old card until I
validate the new one.
What are the current thoughts on this technology? Is it as risky as was
first thought, or were the fears over-hyped? Do any of you have any
experience - good or bad - of this feature?
- posted 7 years ago