EDITORIAL: Paywave banking system seems to be an anomaly
EDITORIAL: In a time when we're regularly urged, with good reason, to be more security conscious than ever, the payWave banking system seems to be an anomaly.
Local police have warned shoppers several times about the dangers of having their cards stolen, because with the arrival of the new technology, purchases under $100 no longer need a PIN.
A thief could rack up a lot of $99 purchases before someone noticed their card was missing.
Most ATMs now have anti-skimming devices, every online password must contain an assortment of capital letters, numerals and other impossible-to-remember characters, and you can't speak to a bank unless you can remember the maiden name of your mother's great aunt's first pet (only a slight exaggeration).
Given the heightened security around every other form of transaction, it seems odd to me that payWave cards become the new norm.
Even though banks say they're safer because there's less risk of your credit card being "skimmed" by scammers with the new system, it doesn't seem particularly secure.
It's a whole new temptation for impulse-buyers.
It has one other side effect, too.
Just the other day, I tried to use a card that is usually only pulled out for small purchases - and found that I was so used to payWave that I could no longer remember the PIN.
Whoops - better put that $150 doodad back on the shelf!