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Paywave is a bad idea.
Chances are, if you haven’t already, you will soon be contacted by your bank to tell you about a wonderful new feature of their credit cards, called paywave. Basically, paywave lets you simply “wave” your card near the eftpos terminal, and your money is taken. No swiping, no pin number, no nothing.
The bank will tell you the system only works over very short distances, so there is no chance anyone will be able to steal your money. What they won’t tell you, is a similar technology, RFID, which is also supposed to only work over short distances, has been hacked to allow reading of data from kilometers away. Don’t fool yourself, organised criminals will have paywave readers as soon as lots of us have compatible cards in our wallets, and our money will not be safe.
The good news is that most banks will opt you out of the paywave system if you ask them, and send you a card that doesn’t have the paywave chip in it. I would recommend everyone opt out of this system as soon as your bank contacts you about it.
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Theoost
October 25, 2010
It won’t be long before you have no choice. Do you see banks handing out pass books to pensioners?
One possible solution could be to pair the card to some other item, such as a ring or necklace so that the card can only be read with both chips in close proximity to each other. Then again, there is not a “lock” on earth which has not been hacked eventually.
Or, everyone would just end up carrying both in their wallet.
What about incorporating technology in the chip which only enables it when in contact with your skin? So, as long as you don’t carry it in your arse crack, your cash will be safe(er).
Theoost
October 25, 2010
Whats a pass book? I hear those born after 1980 saying.
Mr Beer
November 1, 2011
My bank (Peoples Choice, otherwise known as Savings and Loans) attempted to pull this shit on me this morning, which has resulted in the immediate destruction of my *new* card and an abusive contact with the institution itself. They’ve however, completely abandoned the original card format and are forcing everyone onto the RFID enabled cards. Stood at the counter, telling the teller how the system has already been compromised and she’s looking at me like I’m an idiot. As a result of this, I am in the process of procuring the right hardward and intend on ‘Occupying’ the bank for a few hours a day, gathering a fair bit of customer data and then publishing it. If anyone reading this is a customer of Savings and Loans (Peoples Choice CU), I suggest you avoid the Noarlunga branch for a few months.