Technology is amazing in how it can make our lives so much easier. Tapping your phone or watch using Apple Pay or Google Pay made checking out faster and easier. However, it also gave identity thieves a new playbook. The chances of a scammer “skimming” your card through your pocket is unlikely, but criminals have found smarter ways to turn contactless payments into a tool for stealing your information. It’s scary how scammers are exploiting contactless payments, so you need to know what to watch out for.
Accessing Your Digital Wallet
Text scams are everywhere. You probably receive several of them a week. In a quickly growing scam., you’ll receive a text with fake alerts about an issue. It could be toll violation, a package delivery, or a suspicious charge. You’ll click a link that leads to what looks like a legitimate site that asks for your card details. Then they go in for the kill. You’ll be asked for a one-time passcode texted to you by your bank. That code isn’t for verification; it’s authorizing the thief to add your card to their own digital wallet. Once they have access, they can tap to pay almost anywhere – with your money.
Relaying Your Card’s Digital Signal
There is a known Android malware that scams victims into holding their physical card against their phone. This is done to “verify” it. Instead, the malware captures the card’s digital signal and relays it to a criminal’s phone/computer. From there, they use your information to purchase items or access cash at a contactless ATM.
How To Protect Yourself
- Your bank will never ask for a one-time passcode. Do not ever share a code with anyone unless you’re 100 percent certain it is legitimate.
- Never click links in unsolicited texts about supposed problems. If you want to know for sure if you have an issue, visit the official website or app for the institution in question.
- Never tap your card to your phone in order to verify it.
- Always make sure your phone is updated with the latest version of the operating system.
- Enable transaction alerts so you get notified of unfamiliar charges instantly.
- Monitor the devices that are linked to your cards in your banking app and remove any unfamiliar ones.
Time Is Of The Essence
If you believe you’re a victim, call your card issuer immediately. The number can be found on the back of your card. You can cancel the card and request a replacement. You should always report identity theft to the FTC at IdentityTheft.gov. Now you know how scammers are exploiting contactless payments so you can better safeguard your information.
