Read Time:1 Minute, 36 Second
Cybercrimes pose a serious threat due to the rise in card and mobile payment usage.
The phrase “tap and go” refers to contactless payments. Instead of swiping a card or inserting it into a chip reader, tap-and-go technology enables contactless communication between an individual’s device and the device to which they want to pay.
The communication process begins automatically if a user touches their smartphone or credit card to the NFC reader.
In Australia, cash transactions are dying, with only 13 per cent of purchases now made with banknotes or coins, making a cyberattack a real threat to everyday life.
The remaining transactions consist of tap-and-go card and mobile payments and direct online transfers, with cash purchases reduced by half in just three years.
“Australians are relying on electronic payments more than ever, so our retail payment systems must be safe and resilient,” said Ellis Connolly, RBA’s head of payments policy, at The Australian Financial Review Banking Summit.
He stated that due to their potential to cause stress to spread throughout the financial system, the Reserve Bank of Australia (RBA) has historically supervised the safety of payment systems that handle high-value payments for crucial financial market infrastructures.
According to Ellis, the dominance of cards and the consumer shift to mobile devices has raised some issues within the RBA’s mandate.
He continued by saying that when there’s a financial transaction made on the phone, the device is connected to the internet and becomes vulnerable to hacking, malware installation, and other unauthorised access.
“A mobile phone can be hacked, and this is what people don’t understand.”
Australians became the world’s most frequent card users in 2021, exceeding the per capita use rates of South Korea, the US, the UK, and Sweden.
In conclusion, Britton said that our growing reliance on digital systems is a reason for concern since it exposes people to the risk of foreign attacks.
Happy
0 %
Sad
0 %
Excited
0 %
Sleepy
0 %
Angry
0 %
Surprise
0 %
0
0
