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How safe is Tap and Pay?

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CyberPsych

CyberPsych

TF Ace
If I have Tap and pay enabled and keep cards in wallet, can someone scan near may wallet and debit any amount? Looks like a noob question, but I want to know what are the risks of this being enabled. In Fuel bunks, we can't even see how much they're charging but ask us to move forward quickly to get next vehicle in place, says receipt is not available and SMS from bank takes some time to get delivered by which we have already left the bunk. Entering PIN eliminates all these, we can cross check the transaction amount.
 
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Rohith_Kumar_Sp said:
Flase equivilance, titan imploded as there was mountain of evidence that proved it's not safe which the ceo actively ignored and went to dive without safe practice, like how you are ignoring all the data that proves tap to pay is more secure than physical swiping, so so what could go wrong when we've just discussed all the possiblities of going wrong are, you're more likely to get your phone robbed and tap to pay will be still more secured than actively carrying your card which a robber can use to tap.
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If you're saying tap-to-pay on physical cards is genuinely retarded but with phones it *can* be somewhat safer, we already agree for the most part.

It's everyone's prerogative to use whatever they're comfortable with, of course. I'm just putting some common sense security advice out there. Security and convenience are two opposite ends of the same axis, and a gain in convenience usually translates to a larger surface area for attacks. Signing up for every "innovation" that card issuers come up with because they want to lower friction in retail payments is a bad idea imo.
 
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repertoire said:
If you're saying tap-to-pay on physical cards is genuinely retarded but with phones it *can* be somewhat safer, we already agree for the most part.

It's everyone's prerogative to use whatever they're comfortable with, of course. I'm just putting some common sense security advice out there. Security and convenience are two opposite ends of the same axis, and a gain in convenience usually translates to a larger surface area for attacks. Signing up for every "innovation" that card issuers come up with because they want to lower friction in retail payments is a bad idea imo.
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For a convenience that's capped at 2k before asking for pin? I'd take convenience and safe practice. Use a rfid blocking wallet, block the card if stolen, charger back if a theif used it before you know it was stolen. How are these steps any more different when you're using swipe to pay? They're the same except your have an irrational fear of tap to pay when both swipe and tap are no different in case of fraudulent transactions, one gives convenience and the other gives you a false sense of security
 
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Rohith_Kumar_Sp said:
For a convenience that's capped at 2k before asking for pin? I'd take convenience and safe practice. Use a rfid blocking wallet, block the card if stolen, charger back if a theif used it before you know it was stolen. How are these steps any more different when you're using swipe to pay? They're the same except your have an irrational fear of tap to pay when both swipe and tap are no different in case of fraudulent transactions, one gives convenience and the other gives you a false sense of security
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Are you reading everything? The 2k limit is irrelevant if you can:
1) Tap up to 5 times
2) Lose more than 1 card i.e wallet gets stolen

I can steal your wallet on a train/bus/whatever, get off at the next stop and have done (4 cards * 5 tx * 2) or ~40k in transactions before you even realize it is gone. If you steal mine, you get a bunch of tap-to-pay and international tx disabled CCs that are worthless to you. Can someone still steal money from my CCs? Yes. Is it as easy, convenient and idiot-proof as it is to steal money from yours? No.

drshenoy said:
Once I lost the Regalia add on card from my son. Person who got it tried tap and pay for rs 1000. Fortunately, i had disabled tap n pay. Now I have kept tap and pay for a nominal amount.
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Had a friend who said he lost 2k this way. Not sure if he ever bothered to recover it, probably didn't because he was living in a new city, and it is a hassle to file FIR and jump through the bank's hoops.

I think I've made my point for even the slowest people in the room.
 
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repertoire said:
Are you reading everything? The 2k limit is irrelevant if you can:
1) Tap up to 5 times
2) Lose more than 1 card i.e wallet gets stolen

I can steal your wallet on a train/bus/whatever, get off at the next stop and have done (4 cards * 5 tx * 2) or ~40k in transactions before you even realize it is gone. If you steal mine, you get a bunch of tap-to-pay and international tx disabled CCs that are worthless to you. Can someone still steal money from my CCs? Yes. Is it as easy, convenient and idiot-proof as it is to steal money from yours? No.


Had a friend who said he lost 2k this way. Not sure if he ever bothered to recover it, probably didn't because he was living in a new city, and it is a hassle to file FIR and jump through the bank's hoops.

I think I've made my point for even the slowest people in the room.
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Hence my point, don't carry your card ever. 2k 5 times, is a really a red flag any merchant will suspect ana reject the tap feature, they know coz they've dealt such things, the theif almost has to plan what he needs to buy and which shop to visit to tap the card 5 times before getting blocked by the person who stole the card.
 
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Rohith_Kumar_Sp said:
Hence my point, don't carry your card ever. 2k 5 times, is a really a red flag any merchant will suspect ana reject the tap feature, they know coz they've dealt such things, the theif almost has to plan what he needs to buy and which shop to visit to tap the card 5 times before getting blocked by the person who stole the card.
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Your financial security is based on a combination of "Axis bank fraud dept will save me" and "Why would a criminal ever do minimal planning to make money of something they steal?" 👍
 
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repertoire said:
Your financial security is based on a combination of "Axis bank fraud dept will save me" and "Why would a criminal ever do minimal planning to make money of something they steal?" 👍
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If you're worried a their might steal your wallet coz if the money inside, maybe your worries should be how do I avoid getting it stolen or lost. It's such a bizarre sinario where one would not cancel all thier cards when thier purse get stolen, it's a safe practice. You block your cards but all of which doesn't answer my question, if your worry is about your card getting stolen, you have bigger problems to be worried. Not only are you assuming someone would steal your card and run off the nearest shop to tap and pay, it's not an arm machine, they still have to buy something and no merchant will spilt a bill 5 times for a suspicious transaction.
 
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CyberPsych said:
If I have Tap and pay enabled and keep cards in wallet, can someone scan near may wallet and debit any amount? Looks like a noob question, but I want to know what are the risks of this being enabled. In Fuel bunks, we can't even see how much they're charging but ask us to move forward quickly to get next vehicle in place, says receipt is not available and SMS from bank takes some time to get delivered by which we have already left the bunk. Entering PIN eliminates all these, we can cross check the transaction amount.
Click to expand...
Have multiple cards with Tap and Pay feature on. This will prevent any such incidents. Such POS machine would just throw an error saying "Multiple cards".
 
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