It has been reported that warnings have been issued over contactless bank cards with details being “skimmed” while the card is still in your pocket. Contactless fraud has overtaken cheque fraud, which totalled £9.8 million last year. In addition, the number of cards in circulation have increased from 59million to 119million from 2015 to 2017. Lisa Baergen, Director at NuData Security commented below.
Lisa Baergen, Director at NuData Security:
“As contactless cards become more popular globally, it is critical for online companies to actually identify true customers from imposters to approve transactions. Just having credit card numbers, passcodes and credentials can be easily subverted by cyber criminals. It is imperative that authentication frameworks now include passive biometrics and behavioural analytics, along with a full stack of security solutions so that customers are identified by their behaviour such as how they hold a device, how hard they hit the keys and hundreds of other identifiers. This approach allows online companies to block fraudulent transactions even if the cyber criminal has skimmed or cloned credit card information, has credentials or even stolen a device.”