Does contactless boom risk card security ? One of the most pressing security concerns emerging out of the pandemic is the prevalence of contactless payments . UK Finance ’ s figures show that nearly 70 % of debit card transactions are now contactless , representing a multi-billion-dollar industry . Their popularity only increased during the pandemic , as wary consumers and businesses owners tried to reduce contact and observe social distancing as best they could .
Andrew Novoselsky , CPO at Sumsub , says : “ Contactless payments have seen a significant rise in popularity , and we see new features being actively launched ; for instance , Apple just announced Apple Pay Later , allowing users to split purchases from $ 50-1,000 in four payments . However , evolving so rapidly , the payments industry is not without its weak spots , and it is crucial to identify and address them to ensure the security and efficiency of the payment system .
“ One significant weak spot is bank card fraud in contactless payments . Recent reports suggest that hackers are using stolen credit card data to conduct fraudulent transactions using Apple , Samsung , and Google Pay . This highlights a significant issue in the financial industry , as many businesses rely on mobile payments to accept
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