Contactless Card
ICICI bank has recently launched the
contactless credit and debit cards. Many times we get worried when we give our
card for swiping to complete the transaction. As many fraudster communities are
active to take advantage to make clone of your card or to steal the data about
you.
It works on near field communication
(NFC). NFC identifies your card from a distance of 4 cm by using radio
frequencies. According to ICICI bank, NFC cards are very convenient because the
payment is processed faster than earlier payment system.
There are also some
experts who believe these cards are also not 100% safe as anybody standing
close to you in a public place can steal data from card by using free skimmimg
apps which can be downloaded from internet.
ICICI bank is very confident and says all
NFC cards are based on EMV chip technology and there are multiple layers are
security. For any transaction to take place, sales terminal has to receive the
unique encrypted code which is generated by EMV chip of card. And at the end
cardholders are not liable to pay for unauthorized transactions.
It would be good if you take some safety
measure in using NFC cards. Wrap your contactless cards in aluminium foil or
keep it in a metal casing to prevent mobile apps from getting its information. Keep
change your PIN in 1 or 2 months and carefully use PIN during shopping.
If you have doubt about investment
product and want more information regarding investment or you need investment
services, feel free to ask us. We also conduct the seminar on investment and
financial planning. If you are interested for seminar in your city just drop
the mail.
Warm regards,
Arvind Trivedi
Certified Financial Planner
