Exclusive: Hackers Can Break Your Credit Card's £30 Contactless Limit

Share to twitterThink that £30 limit on contactless payments is going to protect you from big thefts? Think again.

Card thieves can now make larger payments than they could before. But now, they don’t even need to steal the card. Criminals could, for instance, take a payment from a card when the user wasn’t looking with their own mobile payments machine . Or, even more dastardly, it’s possible to take a payment reading from a credit card using a mobile phone, send the data to another phone and make a payment on that second device going beyond the limit, the researchers claimed.

They’re still testing whether the hack would work elsewhere in the world, but Galloway confirmed it was not limited to a single country. The limit, of course, differs between nations. For instance, in the U.S., it's considerably higher at $100.That doesn’t detract from the finding that the limit set on Visa cards can be broken. But Visa isn’t planning on updating its systems to deal with the hack.

The researchers said these checks hadn't been made mandatory by Visa, as they had been by its rivals. And as banks follow the guidelines laid out by Visa, it could be doing more to address the issue, said Galloway. Though Visa said that card issuers are ultimately responsible for validating transactions.

Source: Loan Digest (loandigest.net)

I nevr trust cards

Amazing how big banks never took notes or ideas from blockchains distributed ledger and cryptography making it nearly impossible to intercept wallet to wallet transactions. Closed centralized access gives anyone who breaks into an account an option of major damage.

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