How are contactless payment transactions made secure?
For contactless payments, the financial industry uses added security technology both on the contactless device as well as in the processing network and system to prevent fraud. While implementations differ among issuers, examples of security measures that are being used include the following: • At the card level, each contactless card can have its own unique built-in secret “key” that is used to generate a unique card verification value or a cryptogram that exclusively identifies each transaction. No two cards share the same key, and the key is never transmitted. Contactless cards employ standardized encryption technology, 128-bit (e.g. Triple DES). • At the system level, payment networks have the ability to automatically detect and reject any attempt to use the same transaction information more than once. Thus, even if a fraudster should “read” the information from a contactless transaction, or even numerous transactions from the same card, this information would be useless. • Many co
For contactless payments, the financial industry uses added security technology both on the contactless device as well as in the processing network and system to prevent fraud. While implementations differ among issuers, examples of security measures that are being used include the following: a. At the card level, each contactless card can have its own unique built-in secret “key” that is used to generate a unique card verification value or a cryptogram that exclusively identifies each transaction. No two cards share the same key, and the key is never transmitted. Contactless cards employ standardized encryption technology, 128-bit (e.g. Triple DES). b. At the system level, payment networks have the ability to automatically detect and reject any attempt to use the same transaction information more than once. Thus, even if a fraudster should “read” the information from a contactless transaction, or even numerous transactions from the same card, this information would be useless. c. Many
