“Transactions made with the physical card by approaching or inserting the card serve as validation of the chip's dynamic data,” Lori Grandin points out.
The card chip has dynamic encryption, that is, for each transaction a different encryption value is calculated that only the card issuer can replicate and verify its authenticity. It is this dynamic chip data validation and application of prevention rules that makes the transaction secure, with or without the card being connected to the device. Lori Grandin of SumUp
“All transactions processed, including those made using the card, are protected by a strong security architecture. This system follows the 'multiple technology' rule. In other words, we have different security measures working together in the same transaction, adding layers of security,” he emphasizes. Marcelo Toniolo, Vice President of Risk, Prevention and Security at Cielo.
What are the necessary precautions to avoid scams?
Although safe, contactless payment is not free from so-called social engineering, a set of practices that exploit victims' lack of knowledge to steal money from them through financial fraud..
In Brazil, card cloning is one of the main concerns of Brazilians when it comes to digital financial security.
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