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The devil is in the details

By davebirch posted Feb 2 2007 at 10:56 AM

[Dave Birch] I'm still thinking about the coverage of contactless technology/  One of our favourite anti-contactless payments groups, CASPIAN, made some comments on the topic last month.  Liz McIntyre, CASPIAN's communications director and "a former federal bank examiner" says that contactless technology "not only poses a threat to customers, but to the financial institutions that have issued millions of contactless cards".  She goes on to say "What excuse will organizations like JP Morgan Chase make if consumers are harmed financially because they have their personal information siphoned by identity thieves? These issuers stand to lose millions of dollars."  Gee, I bet they've never thought of that.

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As in the case of the publicity following the Wall Street Journal article, I can't help but find it faintly amusing that reporters, commentators, observers think that no-one in banks or amongst their advisers (eg, us) has the faintest idea about security or risk analysis.  The question that they should be asking the US issuers is: is contactless more or less secure than the magnetic stripe cards being issued today?  The answer is unequivocal.

My opinions are my own (I think) and are presented solely in my capacity as an interested member of the general public. [posted with ecto]


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