With newer technologies like near field communication (NFC) being implemented into the latest credit and debit cards, it was only a matter of time before thieves began taking advantage of the situation.
Recent reports from Canada are showing that it is easier than ever to steal sensitive credit card information from unsuspecting individuals without leaving a trace. The process works by using a popular smartphone – in this case, the Samsung Galaxy SIII – along with a mobile phone application available via Google Play. While the exact application's name was not released, a demonstration of the process left many worried.
By installing and making some slight modifications to the application, it was possible to use the smartphone to pick up such information as the card number, expiration date and the name of the cardholder by simply hovering the phone over or near the card.
Demonstrating just how threatening this could be, the process seems to work not just on a bare card laying on the table, but also through clothing and wallets – giving identity thieves the ability to brush past you and steal your financial information. The reported distance for this to work is said to be within 4 inches (10 cm), giving many people the desire to have an even larger sense of personal space in public venues.
What is even more troubling is the notion that the antennae on this particular phone is expected to become obsolete with the introduction of the Samsung Galaxy S4's release this spring. While we do not have exact specifications just yet, the NFC antenna is reported to have a much farther reach than the current contender.
Credit card companies are saying that any fraudulent activity will be handled and customers who fall victim to such schemes will be reimbursed. Comments from Visa and MasterCard also suggest that they feel confident in the level of security that is offered by their cards. There are custom sleeves available for cards that block RFID signals from grabbing this information, but very few people used these. Still, with this information being so readily accessible, many are wondering what the future of identity theft has in store for us.