Paywave Securrity Technology Essay Research Coursework (Essay Sample)

Paywave Security
Student name
Institution
Abstract
News reports in Australia indicate that crimes related to card thefts have been on the rise, with the Victoria Police reporting that they have received complaints amounting to 11,000 instances of card theft per year. They attribute the theft to the increased use of the Visa payWave and MasterCard PayPass technologies, which have grown popular among the cardholders. The cards require no PIN authentication for transactions lower than an average of $50, and with this single factor authentication, theft and fraud have been on the rise. The number that the police mention the occurrences of theft and fraud cases is staggering and calls for the investigation of the feasibility of disabling the contactless payments by the banks or by the individual users. The banks are, however, unwilling to provide cards that do not have the technology, perhaps due to the fact that with the technology, their customers spend more and have more financial transactions. An investigation of the alternative payment methods reveals that the consumers have access to other payment alternatives including mobile point of sale payments (mPOS), the Electronic Funds Transfer at Point of Sale (EFTPOS) system, and cryptocurrency. Since the banks do not recommend or give the procedure for disabling the contactless option without destroying the crypto chip, the best thing that unwilling clients can do is to seek the alternative payment solutions.
Keywords: contactless, payWave, PayPass, technology, theft, fraud, banks, alternatives, crypto, mPOS, EFTPOS, disabling