How Safe Is Contactless Payment?

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The future of payments; here’s what you need to know about it.

We’ve all come to love the tap-and-pay practice that has taken over our retail payment method. It’s easy and convenient plus you reduce the risk of exposing your pin number. But we’ve also heard our fair share of fraud stories of contactless payment options. In one incident several years back, that has gone viral on social media, scammers would use a Point of Sale (POS) device to charge money without you suspecting anything leveraging on the contactless option.

Before you get too shaken up, there have been improvements to security measures, artificial intelligence, cryptographic algorithms and encryption technology, therefore, the chances of you being a victim to accidental payments are pretty slim. There have been a 33% decrease in contactless card frauds between 2017 to 2018 according to VISA.

VISA’s payWave is protected with safety in the card, terminal and network levels which means you’ll benefit from the extra security with every transaction you make to prevent fraud.

 

Thus, you have nothing to worry about! But if you’re still a worrywart about the safety of contactless payment, you can switch off the VISA payWave option in your Merchantrade Money app under card settings. Sign up and get yours today!

Reference: https://usa.visa.com/visa-everywhere/security/how-visa-secures-contactless-payments.html