Hong Kong authority warns banks on NFC credit cards security

Tuesday 13 October 2015 14:20 CET | News

The Hong Kong Monetary Authority (HKMA) has ordered banks to conduct a thorough review of the security of their credit cards.

Tests had shown that a couple of smartphone apps using near field communication (NFC) technology could extract the private information of cardholders. Banking Card Reader and Cardtest, when opened on an NFC-enabled handset, can retrieve the credit card number, expiry date and some transaction details when placed near a contactless credit card, such as a Visa (PayWave), MasterCard (PayPass), American Express or JCB card.

The Hong Kong Information Technology Federation (HKITF) warned that information gathered by such apps could be used by scammers to make purchases on shopping websites with a lower level of security.

The scammers could also pretend to be staff from the credit card issuers. Since they have the information relating to the card, the cardholders would be vulnerable to being defrauded.

Police have yet to receive any reports of fraud related to NFC credit cards or the NFC smartphone apps. Nevertheless, they advised cardholders to store their credit cards properly and review their transaction records regularly.

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: NFC, online security, Hong Kong, banks, web fraud, digital identity, card fraud, card security
Categories: Securing Transactions | Digital Identity, Security & Online Fraud
Securing Transactions | Digital Identity, Security & Online Fraud
Countries: World
This article is part of category

Securing Transactions


Securing Transactions


China targets blockchain for commodities and trade finance

Published 04 Mar 2019 10:39 CET | World
China’s Ministry of Commerce and 12 other departments have issued a notice promoting the platform economy for the commodities sector....

iFinancial integrates AMLtrac to Global Fidelity Bank

Published 07 Dec 2016 00:50 CET | World
iFinancial (International Financial Systems), aUK-based core banking and anti-money laundering (AML) software vendor has started implementing its AMLtrac solution at Global Fidelity Bank....

Xbox One foray into TV ecommerce with PowaTag integration

Published 09 Dec 2015 10:41 CET | World
‘The Mall’ ecommerce store from Xbox One has teamed up with PowaTag to enable people to try on outfits and purchase them through PowaTag’s platform....

Hoyos Labs to introduce four-finger smartphone solution

Published 14 Oct 2015 00:58 CET | World
Hoyos Labs has revealed plans to launch its new biometric four-finger (4F) smartphone technology....

PAYONE partners fashion retailers AppelrathCüpper, Wellensteyn and Von Floerke

Published 13 Oct 2015 11:26 CET | World
PAYONE, a payments gateway, is expanding its customer portfolio in the fashion industry and taking over the handling of payments for AppelrathCüpper, Wellensteyn and Von Floerke....

Altera teams up with Intrinsic-ID for security solution

Published 13 Oct 2015 09:50 CET | World
Altera and Intrinsic-ID, a provider of Physically Unclonable Function (PUF) technology, have teamed up to integrate security solutions into Altera’s Stratix....

Tunisias post office tests crypto-powered payments app

Published 12 Oct 2015 13:42 CET | World
Tunisia’s post office, La Poste Tunisienne, has begun testing a crypto-powered payments app for 600,000 of its customers....

FBI warns merchants and public on security of new chip cards

Published 12 Oct 2015 13:39 CET | World
While EMV cards offer security, the FBI has warned law enforcement, merchants, and the general public that these cards can still be targeted by fraudsters....

Bigcommerce adds shipping engine and fraud protection solution

Published 12 Oct 2015 13:33 CET | World
Bigcommerce, an ecommerce platform has added new integrations with Shipper, a shipping rate management solution, and Sift Science, a fraud detection and prevention tool....

Snapdeal invests USD 20 mln into logistics firm GoJavas

Published 12 Oct 2015 09:26 CET | World
Snapdeal, an ecommerce retailer, has made an investment of USD 20 million (Rs 131 crore) in logistics firm QuickDel Logistics Pvt Ltd, which operates under the GoJavas brand....

Argos launches same-day UK-wide home delivery service

Published 08 Oct 2015 00:43 CET | World
Argos,a UK retailer, has launched a same-day home delivery service across the UK that delivers customers orders to their homes....

MasterCard launches Identity Check solution for ecommerce authentication

Published 07 Oct 2015 00:30 CET | World
MasterCard has introduced MasterCard Identity Check, a suite of technology solutions that prove a consumer’s identity....

SCF Community starts open RFI project with competing vendors

Published 07 Oct 2015 00:21 CET | World
A group of multinational corporations has worked with the Supply Chain Finance Community, a not-for-profit association, to issue an open Request For Information (RFI) to bring supply chain finance solutions to the ‘long tail’ of their supplier base....

Cybercrime costs register growth for US and global companies

Published 07 Oct 2015 00:19 CET | World
Cybercrime costs are climbing for companies both in the US and overseas, a recent research unveils....

Lionsgate starts accepting Bitcoin payments

Published 07 Oct 2015 00:09 CET | World
Lionsgate has begun integrating Bitcoin as a payment method at its online shop

Digital Single Market: EU-wide consultations on online platforms, geo-blocking launched

Published 06 Oct 2015 13:19 CET | World
The European Commission has launched a public debate with two consultations: one on geo-blocking and the other one on platforms, online intermediaries, data, cloud computing and the collaborative economy....

Royal Bank of Canada to implement voice biometrics technology

Published 06 Oct 2015 11:46 CET | World
Royal Bank of Canada has revealed plans to roll out voice biometrics technology that can identify clients who phone the bank’s call centres in a matter of seconds....

First JCB card in Mongolia introduced by State Bank of Mongolia

Published 06 Oct 2015 00:30 CET | World
JCB International, an international operations subsidiary of JCB, and State Bank of Mongolia, a government-run bank in Mongolia, have partnered for issuing JCB debit cards to the people of Mongolia....

Over USD 5.6 trillion of payments secured by biometrics by 2020

Published 05 Oct 2015 11:52 CET | World
By 2020, over USD 5.6 trillion of payments will be secured by biometric technology, a recent report unveils....

Indian ecommerce market to grow 36% by 2020 - report

Published 05 Oct 2015 11:32 CET | World
The Indian ecommerce market is forecasted to register a 36% increase by 202, boosted by huge discounts and the rising use of smartphones, a new research study reveals....

Amazon forbids Apple and Google TV device sales

Published 05 Oct 2015 11:09 CET | World
Amazon bans video-streaming TV device sales from Google and Apple because they don’t “interact well” with its own media service....

APAC: digital wallets consolidation among main transformations to impact ecommerce

Published 05 Oct 2015 00:56 CET | World
With more than USD 567 billion in transactions registered in 2014, Asia Pacific is the largest ecommerce region in the world.... collaborates with Alipay

Published 02 Oct 2015 13:30 CET | World, a payments platform, has partnered Alipay, a Chinese payments gateway, to expand its offering of online payment solutions within its unified platform....

Bitcoin websites experience downtime in Venezuela

Published 02 Oct 2015 13:28 CET | World
A number of Bitcoin websites experienced downtime because of what appears to be a DNS server error at a major Internet service provider (ISP)....

Over 20 new versions of Ghost Push malware threaten Android apps

Published 02 Oct 2015 13:26 CET | World
Over 20 new variants of the Ghost Push malware embedded in Android apps have been able to root devices and compromise systems....

Coinbase enables instant Bitcoin payments in 26 countries

Published 02 Oct 2015 13:17 CET | World
Coinbase has revealed that customers across 26 countries can now buy Bitcoin instantly....

Klarna Checkout accepts American Express cards

Published 02 Oct 2015 13:16 CET | World
Klarna, a payments processor, enables its checkout merchants the ability to sell with American Express in Sweden, Finland, Germany and the US, starting October, 2015....

Global Risk Technologies and Quatrro fight against chargeback fraud

Published 02 Oct 2015 13:13 CET | World
Global Risk Technologies, a technology company specialising in chargeback compliance and risk management has signed a strategic partnership with Quatrro Processing....