The South African Banking Risk Information Centre (Sabric) says a video apparently cautioning bank card holders over the use of contactless payments/ 'tap and go', has created the impression that the technology can be easily exploited by criminals.
The video has been doing the rounds on social media.
[COMING UP] #AfternoonDrive The South African Banking Risk Information Centre (SABRIC) would like to allay any fears that bank clients may have about contactless payments or “tap & go" after this video was circulated on social media. @gwalax speaks to the organisation after 4pm. pic.twitter.com/p7awUXj9FC— 702 (@Radio702) August 8, 2018
Head of Relationship Management SABRIC Susan Potgieter joined Xolani Gwala on the Afternoon Drive to allay any fears that bank clients may have.
If you were to be in position of a point of sale device, those are generally issued to merchants and they are configured so that any transaction done on those devices are linked to a bank account, so if you were to tap a card against that particular advice, the transaction would proceed but the money will land in the bank account.— Susan Potgieter, Head of Relationship Management SABRIC
It is improbable that criminals in possession of such devices would actually benefit because the money would have to flow into a bank account and all the requirements of being issued with such a device would have had to be met.— Susan Potgieter, Head of Relationship Management SABRIC
There is a lot of due diligence done by the banks themselves so if somebody dishonest were to be in legitimate position of such a device and go around tapping cards, there is an outside chance it could happen but it is not profitable...— Susan Potgieter, Head of Relationship Management SABRIC
Click on the link below to listen to find out more....