t from the South African Banking Risk Information Center documents a 36% increase in crimes, including digital ones, highlighting the escalation of financial fraud and security issues.
People widely recognize tap-to-pay technology for its efficiency and convenience. Nonetheless, it has unintentionally become a great target for bad actors who seek to take advantage of weaknesses in payment systems. These frauds typically entail the use of sophisticated tools by thieves to intercept card information during tap-to-pay transactions, such as portable card readers with skimming devices. This leads to unauthorized charges and large losses for the gullible victims.
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