Millions of credit cards have been issued with embedded RFID chips. This technology emits a radio signal with the credit card…
November 19, 2012 Millions of credit cards have been issued with embedded RFID chips. This technology emits a radio signal with the credit card’s basic information. It allows customers to pay at the point of sale (POS) by simply tapping their card against a reader instead of having to swipe and go through the typical payment process. Thieves have figured out that they can use cheap scanners to read the radio signals emitted by these RFID chips and basically steal credit card data from anyone in close proximity without the card holder even knowing. The signals only emit the credit card number and expiration date; they don’t emit the CVV code or cardholder’s name. If your store’s POS offers payment via RFID, be aware of the risks and be on the lookout for suspicious characters this holiday season.
About Mike Periu
Mike is a seasoned executive with experience in small business finance and management. He is the founder of Proximo, LLC a leading provider of corporate, consumer and small business education and training services with an emphasis on finance and technology.
Mike Periu is also a leading national voice for individual empowerment through financial education and entrepreneurship. He has been interviewed over 500 times in national and international media, including NBC, Univision, CNN en español, Telemundo, HITN, TVE, RTE, SBS, MegaTV and others.
Mike writes regularly for American Express OpenForum, Yahoo! Finanzas and is a Huffington Post contributor.
Mike has degrees in Finance and International Business from Georgetown University. He is on the Board of Directors of the Council for Economic Education and was a Fellow at the Kauffman Foundation’s Labs for Enterprise Creation.