RFID Payments Safer Than Credit Cards?
Check out these novel arguments for the security of RFID PayPass technology for financial transactions from GearLog:
What about the risks? They are real, but I don't think they are any greater than using a plain old credit card. I just don't think you should worry about it Here is why:
1. The risk of losing the token is basically the same as losing your wallet. Treat you keys more like your wallet and you should be fine.
2. Credit cards are more risky. In most cases you actually have to hand-over your credit card when making a charge. This opens it up to duplication and abuse.
3. The range on the token is very short, just two or three centimeters, so you won't get charged just by walking by a reader.
4. For charges greater than than $25, you need to sign the receipt, anyway.
5. You can't read the numbers off a pass pass token. I have a picture of mine right here in this post; I would not do this with my credit card.
6. Finally, there is no liability for customers. The company won't hold you responsible for fraudulent charges. According to MasterCard: "North American MasterCard cardholders are protected by zero liability for any fraudulent transaction."
Common sense goes a long way.
Well its really intreseting topic. If this clicks in banking domain you can think how big way it will go.
Here I would like to add few more benefits
1. You can carry your offline database. In case of server failure or in VPN failure there will be posibility of verifing balance amount or validity period which secures transactions at both the end that is customer and seller.
2. Using this multiple bank or association can work under one roof and that roof will be nothing but the same RFID card. As far as the memory sectors are concern in a RFID chip; 1 sector is enough to handle one bank's account number.
3. There can be posibility that multiple private sectors interms of Hotel,PetrolPumps,College etc can easily incorporate this facility only the thing which they will need is to mounting a RFID reader which can work with the specified Customer RFID CARD.
4. It gives you 3 level of security.
First is Physical Card with Personal Information, personalized into RFID card.
Second is PIN number or Token number
Third is bio-metirc solutions like the thumb impression of cutomer will reside in the RFID card only. So while making transaction cutomer need to put figure to verify the transaction on bio-metric reader. The information will agian validate at offline level only so fast results can be seen
Cheers