"The method is as fast and easy to use as tap-to-pay on mobile devices, largely because it literally uses the exact same technology. The worst part? Thieves only need to be within arm's reach to steal personal financial information their victims did not even realize was exposed. Indeed, ghost tapping is the newest evolution of longstanding card scam fraud. And this technique pays. Within a recent three-month window, scammers in Singapore used this method to steal nearly a million dollars from victims."
"Ghost tapping exploits Near Field Communication (NFC) technology used in mobile wallets, allowing fraudsters to make unauthorized transactions without physically touching the victim's card or device. People use NFC technology every day, from tap-to-pay transactions to concert e-ticket scans to digital public transport cards. Ghost tapping happens when NFC traffic containing payment card information is relayed from a victim's device to a payment terminal."
Ghost tapping exploits Near Field Communication (NFC) used in mobile wallets to allow fraudsters to make unauthorized transactions without physically touching the victim's card or device. Fraudsters relay NFC traffic containing payment card information from a victim's device to a payment terminal and load a small charge (for example $1–$100) onto a portable payment terminal. Thieves operate in crowded places such as subways, elevators, or busy retail stores and only need to be within arm's reach to steal personal financial data. The technique is an evolution of longstanding card-scam fraud and has produced large losses, including nearly a million dollars stolen in Singapore during a recent three-month period. Financial institutions, retailers, and payment providers should recognize the threat ahead of high-traffic shopping periods and implement safeguards to protect consumers.
Read at Fortune
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