Thieves could be stealing money from contact-less cards while you have it in your pocket

I am sure you may have seen, before but since banks have started renewing their credit cards for the next term they have started issuing contact-less cards without providing the option for their customers to opt out of contact-less card. So far banks are providing a good service to their customers so far with credit cards. That is of course for a person with the ability to maintain their credit and control their spending, it is a really a great service where you don't have to carry cash every where you go and specially for emergencies.

However recently I learned that banks are renewing their cards and forcing their customers to use contact-less cards, without providing an option to disable the feature contact-less chip. When I looked up on the internet following announcement was seen on the bank's web site.

"Use contactless with HSBC credit cards to pay for small amount purchases. Enjoy the fast, easy, secure way of payment and apply for HSBC credit card now"

This announcement led me to believe that, even the banks knows the risk of these contact-less cards, but they some didn't care and decided to go for the contact-less cards. which is probebely why they are making sure it is for small amount purchases .

Which made me to conclude that banks does not care about their customers but their income and their digital extravagance. if we look at this facility carefully risk actually outweighs the simple gain that merchants will get where you don't have to swipe, while increasing the risk of human error. Apart-from which the major issue with these chip is that it allows thieves to skim through wallet and cloths and steal card details just by being near the card ( few inches ). and it is not that difficult either.

As per the forbs report some time back, at a hacker conference,they have provided everyone in attendance with a step-by-step guide to the wireless stealing of credit card data. It is a disturbingly straightforward process, which relies on the use of equipment that can be legitimately purchased for a few hundred dollars on eBay. Unfortunately banks and industry experts who may be gaining from sale of these chips are trying very hard to assure that such skimming is impossible.

However by giving the benefit of the doubt I Googled to see whether its true. And to my disbelief even-tough banking experts trying to emphasize that it is not possible, with the contact less facility there are many apps available that could read card information by simply downloading the app to a phone that has NFC. (eg Reading App as there are many more), Yes just need to buy the phone with NFC facility or modify your phone.

With so much risk I am not sure why banks are trying to put their customers at risk, just to gain their digital superiority/extravagance. As we can see bank knows that they are putting their customers at risk as per their announcement small amount purchases.

In 2016 The Sun has published article with some investigative details, where banks tried to say it is not possible in their comments to the reporter

I am sure if we ask the banks they will say that it is to improve and ease the card transactions but only difference is that instead of swiping you go and wave the card near the reader. As far as I can see it has eased and improved the mechanism for THIEVES, to steal card info, without even touching or looking at it.

It is important that bank customers people should be able to decide on their own whether they want to take such a risk or not without bank forcing their customers and putting them at risk, which is of course most customers will opt out and get a regular card.

Most importantly, most people does not know about these risks and people may become victims of credit card theft without even knowing these risks.

if we ask a card user whether they have contact less card some people might clueless to say what kind of card they have.

How do you know whether you have a contact-less card?

simply see whether you card has the following icon