An expensive flaw In Visa's contactless card

November 04, 2014 00:13

Contactless credit cards are a hit in the UK. But a British research team has revealed a serious security flaw that allows anyone to charge up to $999,999.99 in foreign currency to a nearby card, even while it's still in a wallet or purse.

Contactless cards let you buy things without a pin, up to a certain limit (20 in the UK), thanks to radio waves emitted from the card and picked up by a nearby terminal. But according to a team from Newcastle University, there's a serious security flaw in at least one major company's contactless system.

At the ACM Conference on Computer and Communications Security, which is going on this week in Arizona, the team explained how it's easy to set up a point-of-sale terminal using a phone, then create a transaction of up to $999,999.99.

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