Investigating the myths and realities of contactless payment fraud - A Q&A by SPA - April 2016
There has been much recent coverage in the media (press, web, blogs….) about the perceived security vulnerabilities of contactless payment - with several exaggerated cases reported in some detail. Rather than a pragmatic analysis of risk, the vast majority of reports appear to compound inaccurate ‘urban legends’ – the kinds that typically appear during the introduction of any new technological innovation. At a time when banks in particular, and the whole payment industry in general, are investing considerable sums of money in infrastructures (payment terminals, cards, mobile phones…) that offer fast, convenient and secure contactless payments, the Smart Payment Association (SPA) feels it is important to explain exactly what contactless payment is, how it works and how secure it is.