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1. ‘Shields’ are probable a waste of money
You probably don’t need one of these.
A spokesman for Beyond Bank said there is a “lot of misinformation” about the security risks.
It is a common misconception that thieves can ‘clone’ cards for later use. This is impossible because the computer chips in the cards send unique codes for each payment.
There is also a popular ‘digital pickpocketing’ theory that criminals can steal money simply by walking down the street with a special machine that charges nearby cards. Even if this technology exists, it would require thieves to receive the funds into an Australian bank account — making them easily trackable.
Many companies are cashing in on these fears by selling ‘protectors’ or ‘shields’ that claim to prevent such attacks.
The New Daily contacted several major banks to find out if these crimes had ever been reported to them. ANZ, Westpac and ME all said they had not received a single report of this happening in Australia. Ever.
A spokesperson for regulator ASIC also said it had not seen any such incidents.