Will card reading devices increase fraud?

credit-card-1730085_1280

While fraud is a crime most people fear being a victim of, technology is increasing the chances of us all being at higher risk of it.

Contactless credits and debit cards are sweeping the nation with over 92 million currently in use. While they’re making our lives easier for quick touch and go payments, have we ever stopped to think what new risks we are being exposed to?

london-692137_1280

As of today, an investigation has revealed that crooks are now able to steal from you without even making one suspicious move. With a card reading device online it has never been easier to swipe past and steal card information and money. Tests show that fraudsters only need to be a few inches away for a successful swipe which is possible through bags, coat pockets and wallets.

Even though this form of fraud only allows a criminal to steal up to £30, it’s an amount that most people won’t notice gone. Many victims will only take notice when they check their monthly statement, which by then are likely to have forgotten most of their spendings and disregard it.

If a crook is regularly doing this along a high street, then they will end up accumulating large sums of money with hardly any repercussions. As of now most banks reimburse their customers if they pick up on it, but it’s very hard to keep track.

While many may be alarmed of this new wave of fraud, there is no evidence that this device is being widely used as of yet. Never the less there are some steps we can take in order to prevent us from becoming future victims of contactless fraud such as; requesting for a contactless card (which some banks offer) or a simple foil trick or even investing in customised card holder that blocks contactless signal (similar to oyster card wallets).