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The new way to pay with Smartwatches

Wednesday, 18 Mar 2015

Information systems and technology associate professor Katina Michael is worried about paying with wearables and other emerging contactless devices.

The University of Wollongong academic voiced her concerns at FST Media's recent Future of Security in Financial Services Summit.

Michael said "lax security" of some contactless payment methods, for example, made it easier for juveniles to swipe $100 "from a parent's card without their knowledge."

Even when a second factor for authentication was introduced, it did not mask the underlying weakness of these newer platforms, she said.

"What are we doing introducing insecure technologies like NFC [near field communications] and 'touch and go' [payments] through different types of wearables and card tokens and then trying to back them up with some kind of second tier authentication like biometrics?" she said.

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