Contactless Payment: Risks and Benefits

Contactless Payment: Risks and Benefits

Your credit card is valuable because it is always attached to your bank account and therefore your money, yet protected by its confidential code, it is now possible to use it without entering it. Discreetly a new way to pay has appeared: the contactless payment. We reveal to you what are the risks and benefits of this means of settlement.

What is the contactless payment?

Today, Over a million credit cards are equipped with a contactless payment system, the payment without the use of the PIN uses NFC (Near Field Communication) technology. In principle, merchants offering the method of payment without contact simply bring your credit card near a terminal equipped with the same technology to make your purchases. You no longer need to enter your PIN, the transaction between seller and buyer is done automatically.

The contactless payment system for the little story has been designed to replace the payment system MONEO (electronic wallet previously little or misused and by merchants and users)

How does contactless payment work?

  1. Put your credit card on the payment terminal
  2. Your payment is confirmed by a beep and often by a light signal
  3. You retrieve your receipt

The benefits of contactless payment

  • It is easy to use, indeed you just need to pay, to put your credit card or your mobile phone on a payment terminal or a dedicated terminal at your favourite store.
  • It saves valuable time, if all users using the contactless payment method it will reduce the waiting time at the cash desk of your store, you no longer have the problem of forgetting your PIN and in a few seconds, you pay for your purchases.
  • It’s convenient, you no longer need to leave your little change in your wallet, the simple fact of taking out your bank card from its case allows you to pay for your small purchases,
  • The potential fraud is limited, there is no point shouting before it hurts, contactless payment offers a sufficient level of security because it is not possible to pay a purchase of over 20 Dollars.

The risks of contactless payment

The main risk associated with the use of your contactless bank card is, of course, to expose yourself to piracy, here is how:

  • If you lose or steal your credit card and do not oppose it as soon as possible, anyone can use it
  • It is possible to use your contactless credit card from a mobile phone, your card stored in your pocket can be defrauded remotely without you noticing
  • Your personal information can be exploited and used thanks to contactless payment,  your credit card contains information that is easy for a hacker to use (your name your first name your postal and telephone numbers)

How can I tell if my credit card is a contactless card?

Unless you report otherwise to your bank at the time of delivery of your new credit card it is now systematically equipped with the contactless payment method, verification is, however, possible just look at one of the fronts of your Visa card or Mastercard if appears a radar-shaped logo your card is contactless.

Is contactless payment mandatory when I order a new credit card?

No there is no obligation to join the payment without contact, but it is necessary to know it even before ordering your new means of payment because you can oppose it from the moment of the subscription. The service is set up today. automatically without having needed your agreement. Know also that your bank is normally held in virtue of the computer law and freedom not to activate it without your consent.

How to prove fraud if the payment was made without using the PIN?

It is almost impossible. Even if the bank has the duty to protect the account of its customers as efficiently as possible, the plaintiff is required to prove that he is not at the origin of the transactions which he denounces as being It should not be forgotten that it is very complicated with contactless payment, resulting in extended reimbursement procedures and claims supported in order to be compensated. You can only count on your good liver because you will have little evidence to bring if you are a victim of hacking your contactless payment card.

How do I delete the contactless option and am I forced to change my card if I do not want one?

Simply delete the contactless option to be put in touch with your customer advisor, go to the agency or write him an email by motivating your wish to cancel the remote payment service, ask for written confirmation by signing the endorsement of your credit card contract. Be careful some banks may charge you the operation, dispute the fees if necessary. You do not need to close the contactless mode to change the blue card.

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