KUALA LUMPUR: There have been no reports of fraud from the use Visa payWave contactless cards, said the company.
Visa Country Manager for Malaysia Ng Kong Boon said that since the system’s introduction in Malaysia in 2007, there has been nothing to suggest that its usage is anything but extremely safe.
He was referring to several reports which had been circulating, discouraging people from using the Visa payWave system.
Ng said to date, the company had seen over one million monthly Visa payWave transactions in Malaysia and it is growing at more than 60 per cent month-on-month.
“Protecting cardholders and maintaining their trust in electronic payments is of utmost importance at Visa,” he said.
Ng added that while there are staged demonstrations showing how credit card details could be lifted through a contactless card, this scenario is complex to execute in reality.
“While it includes the card number and expiry date, the data itself offers very limited potential for fraud.
“So far, there are no reports of fraud from card-issuers or law enforcement globally stemming from such electronic pickpocketing fraud attacks,” he said.
Visa payWave is a payment feature that lets customers use their enabled Visa cards or mobile device at the point of sale (POS).
The customer simply waves his card or mobile device in front of the secure reader at checkout, instead of 2swiping it or handing it to a cashier.