Contactless payments will not only protect you from germs and viruses but also from thieves who are after your money. Contactless payments use the EMV (Europay, Mastercard, and Visa) chip and an RFID (radio-frequency identification) antenna, with a scannable range of 4-10 cm. This offers a more secure way to pay. This is possible because the EMV chip converts your account number into a one-time use code called a token.
Most experts agree the token, combined with the NFC range of 4-10 cm, and the encryption and spending limits, eliminate scanning of your information or the duplication of your card—making it impossible.
Within seconds of holding up your card to the POS terminal, your transaction is approval and a new token is randomized for you.
Take the U.K. as an example. There, more than one-third of all card transactions are made by contactless payments. And contactless cards and devices accounted for only 1% of card fraud in 2016. According to Financial Fraud Action UK, this is a 0.5 percent increase above the previous year.
But even if you end up being the unfortunate victim of fraud, the Fair Credit Billing Act has limited the liability for credit card fraud to $50. That is why security is central to all contactless payments.
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