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Highest Echelon

A personal finance blog. Paying for my University, life and eventually achieving financial freedom.

Risks With New No-Swipe Cards

Wednesday, October 25, 2006

Almost every credit card company is coming out with no-swipe credit cards. These cards don't require manually swiping through a machine or signatures. All a customer needs to do with a no-swipe cards is wave it in front of a terminal that picks up the customer's data. The card speeds up checkout which provides convenience for them.

However, there are security risks that come with this new technology:

In a study performed by RSA labs on 20 credit cards, it found that the cardholder's name and other info was being transmitted without encryption.


Without encryption, any person with the correct form of receiver and some technical know-how can retrieve and collect credit card information. This information can then be used maliciously or sold.

Read the story here.

posted by johnwilkx, 8:48 AM

2 Comments:

People don't realize the legal implications of RFID tags, and what it means when the government puts them into widespread usage--which is not that far off. This is a story to keep an eye on...
Agreed :)

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