It’s supposed to be a safer way to pay, but it turns out that certain new PIN-and-chip cards aren't as secure as promised.
A new wave of “contactless” payment options like Apple Pay are designed to thwart skimmers: the criminals who copy the magnetic stripe on the back of your card and get easy access to your bank account. But a new device has surfaced that can steal your bank info and money - right out of thin air.
It’s called the Infusion X-5 and it's selling on the Dark Web for around $700.
The wallet-sized device allows thieves to clone certain new smart credit cards from only a few inches away. It works so fast, it could make 15 copies of your card in one second. The kit even comes with 20 blank chipped cards.
The gadget records the information being broadcast by a tiny RFID chip in your card - your name, address, even your bank statement - and transfers it to a blank chipped card. Think of it as an electric pick-pocket. A scammer standing right behind you at a busy store or in line at Starbucks could be stealing your credit cards and you wouldn't even know it.
According to London's Daily Star, the kits have been on sale and are now "flooding the streets" in London area stores. Security experts are warning consumers in the U.S. to be on the lookout for such devices and to keep a close watch on your bank and credit activity.
If you're worried about becoming a victim, you can set a spending limit on your contactless pay card. You can also pick up one of these RFID-blocking wallets available in my store.