Contactless payment cards are Visa's answer to Apple Pay, but a new security flaw could leave them wide open to attacks. A British research team recently revealed a method that crooks could use to trick these contactless payment cards into thinking that they are approved for a $999,999 charge.
The only catch for crooks is that the $999,999 charge has to be in a currency foreign to the card. Here's how it works according to one of the British security researchers:
By pre-setting the amount you want to transfer, you can bump your mobile against someone's pocket or swipe your phone over a wallet left on a table and approve a transaction. In our tests, it took less than a second for the transaction to be approved, All a criminal would need to do is set up somewhere like an airport or the London underground where the use of different currencies would appear legitimate.
While these contactless cards are popular primarily in England, they're spreading to the U.S. Wondering about what Visa has to say about this breach?