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Coworker convinced me contactless is safer than chip after showing me the numbers
I always thought chip was more secure because you have to physically insert the card. My coworker Mike pulled up a report last Tuesday showing how skimmers at gas stations are almost always on the chip reader slot. Contactless payments use a different signal that changes every time, so even if someone grabs it, it's useless. He showed me a $14k fraud loss at our branch from a chip skimmer and zero from contactless. Has anyone else seen less fraud since switching to tap?
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hall.nora3d ago
Mike is absolutely right on this one. I had a buddy who worked at a gas station and he showed me the inside of one of those chip skimmers they pulled off a pump. It was this whole little rig with a battery and a tiny memory card, and it could read the chip data right off the card. Contactless uses this one time code thing that changes every transaction. Since I switched all my cards to tap, I haven't worried about sticking my card in a weird slot at the pump. My bank even texted me once saying my contactless transaction was flagged as suspicious because it didn't match my usual pattern, so they stopped some fraud before it even happened.
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