Is Your Credit Card Information Safe?

An Indianapolis television station recently reported on the potential risks of RFIDs (Radio Frequency Identification) on credit and debit cards.  Cards containing this electronic chip are designed to be a faster method of payment by allowing the cardholder to simply wave the card in front of a scanner instead of the “old fashioned” swipe method.
In the investigation (video below), we see on camera how easy it can be to obtain someone’s credit card information – without even touching the cardholder or the card – and then create a clone card to use for purchases.  Even more alarming is the fact that the individual mimicking thievery in this report purchased the equipment online for less than $100.
The YouTube video below describes how to determine whether your card contains a RFID chip.  As technology advances in our society, additional risks will become apparent.

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The information in this material is only as current as the date indicated, and may be superseded by subsequent market events or for other reasons. While all information prepared in this document is believed to be accurate, any statements of opinion constitute only current opinions of Payne Wealth Partners, Inc., which are subject to change and which Payne Wealth Partners, Inc. does not undertake to update. Accordingly, you should not put undue reliance on these statements. The information does not attempt to examine all the facts and circumstances that may be relevant to an individual’s financial needs. Payne Wealth Partners, Inc. is not soliciting any action based on these statements.

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