We’ve all been in this situation: Running around during the holidays, grabbing gifts at the first stores you find with the shortest lines. Amid the rush, you run up a list of credit card charges from places you don’t recall visiting and things you don’t remember buying.
Unfortunately, this is exactly the situation where thieves are thriving, and it’s the context surrounding an emerging cyber threat facing consumers that companies including financial institutions, retailers and payment providers should be aware of.
Around the globe, thieves are using “ghost tapping” to steal from consumers. 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.
Ahead of this holiday shopping season, let’s take a minute to explore ghost tapping, its impact on consumers, and what companies can do to safeguard their customers from this threat.
