A video has displayed the ability of PoS terminals or machines to collect customer’s bank details
The video shows a man stealing the bank account details of an unsuspecting man at ATM point
Many financial institutions are developing contactless details to ease transactions
A man has shared how technologies used by most PoS operators can store and retrieve your bank details without your ATM details.
In a video posted on social media, a man was seen with an ATM tapping another man’s back pocket containing his financial cards.
New contactless technology steals peoples bank account details
The video shows the ATM printing out what appears to be a transaction receipt after the man’s back pocket gets tapped.
They revealed that it is part of a contactless technology being developed by top companies to ease transactions worldwide but could be exploited by criminals.
In recent years, banks and other top financial institutions worldwide have sought ways to ease customer transactions.
It is still being determined which company developed the latest technology, but checks reveal that they are gaining popularity among merchants and businesses worldwide.
Nigerian companies developing contactless card technologies In Nigeria, PoS uses are at their peak, employed by financial companies which seek to ease transactions across all formats and touchpoints.
Analysts worry that cyber criminals could exploit the latest technology in Nigeria to access and steal from unsuspecting victims’ accounts.
Some banks in Nigeria are already touting contactless technology to eliminate time and save costs.