Attention Is Brought To the Security Risks Of RFID... - Products News

ADVERTISING DISCLOSURE

ADVERTISING DISCLOSURE:
Credit-Land.com is an independent, advertising-supported web site. Credit-Land.com receives compensation from most credit card issuers whose offers appear on our site. Compensation from our advertising partners impacts how and where their products appear on our site, including, for example, the order in which they may appear within review lists. Credit-Land.com has not reviewed all available credit card offers in the marketplace.

Credit Card Applications » News » Products » Attention Is Brought To the Security Risks Of RFID Technology…Again

Attention Is Brought To the Security Risks Of RFID Technology…Again

Attention Is Brought To the Security Risks Of RFID Technology…Again
The content is accurate at the time of publication and is subject to change.

Patented back in 1973, RFID microchips began becoming viable both technologically and commercially in the early 2000`s when they started being used for all sorts of different purposes – to ID chip pets, to provide quicker travel at toll booths with EZPass and to ID employees entering and leaving an office building, just to name a few. Since the beginning, people have voiced concerns about the security of this technology and what it means as a tracking device.

However, now that concactless payments seem to be the inevitable way of the future, the security of credit cards containing RFID microchips has once again become a top concern for many.

At Shmoocon, an annual hacker convention that took place this year from January 27th through the 29th in Washington, D.C., a security researcher employed by Recursion Ventures named Kristin Paget demonstrated in front of a large crowd of onlookers just how easy it is for hackers and ID thieves to steal people`s personal data from RFID-enabled credit cards.

With about $350 worth of equipment easily obtainable over the Internet, she wirelessly read the credit card information of a card proffered by a volunteer and then turned right around to quickly encode the stolen data onto a blank card, making a fraudulent credit card.

In real life, anyone carrying a Vivotech RFID credit card reader (which Paget purchased off eBay for the purposes of the demonstration for a mere $50) in a purse or a coat pocket could simply bump up against another individual and steal their credit card information. The data is easily transmitted through denim, leather and other common clothing and wallet materials. In fact, the only things that would thwart a similar attempt are water or metal.

There are a few RFID-blocking wallets and shields available on the market today, and the web is rife with instructions on how consumers can create their own protective wallet out of duct tape and aluminum foil.

However, Randy Vanderhoof, the executive director of the Smart Card Alliance, claims that, as of yet, there has been not a single report of the fraud ever having occurred in the real-world.

“We`ve got six years of history, a hundred million users of these cards, and we haven’t seen any documented cases of this kind of fraudulent transaction,” said Vanderhoof, as reported by Forbes.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
Add to Favorites:

Related News:

Capital One Partners Up With Airlines

Posted: December 12, 2018

Capital One has partnered up with 14 airlines so that Venture and Spark cardholders can now use miles to pay for their flights. What is the transfer ratio? All of the carriers that have partnered up with Capital One, except for Emirates ... Continue reading
Holiday Shopping is Trending

Posted: December 11, 2018

Shopping is definitely in style this holiday season with consumers, according to the new TD Bank Holiday Retail Report, on average they will be spending $530 on gifts. What are the trending gift-giving categories this season? Gift cards ... Continue reading
Some Upgrades Coming for American Express Business Platinum Cardholders

Posted: December 10, 2018

In 2019 people with the Business Platinum Card will be able to take advantage of some upgrades arriving with the new year. These new benefits are designed to boost productivity, as well as give cardholders more perks when traveling for ... Continue reading
Get the latest news, articles and expert advice delivered to your inbox. It's FREE.
Earn 5% cash back at different places each quarter like gas stations, grocery stores, restaurants, Amazon.com and more up to the quarterly maximum, each time you activate.
For Excellent, Good Credit
INTRO OFFER: Discover will match ALL the Miles you've earned at the end of your first year, automatically. For example, if you earn 30,000 Miles, you get 60,000 Miles. That's $600 towards travel!
For Excellent, Good Credit
Earn 2% cash back on purchases: 1% when you buy plus 1% as you pay
For Excellent, Good Credit
You've successfully subscribed!

Please specify the following:All these fields are optional

Your Credit History
Themes you are interested in:

By providing this information you help us make our news letters more useful and informative. Thank you!