Submission - Joint submission to the 2007 Review of the Electronic Funds Transfer (EFT) Code of Conduct to ASIC (May 2007)
Q3 – What are the issues associated with the emergence of 'non-contact’ payment facilities?
This does not appear to be a significant issue at this time. However, two minor issues may be raised by non-contact payment facilities:
Non-contact payment systems are not widespread and appear to be limited to stored value applications in the transport sector where their speed and convenience is appreciated by consumers. However, privacy and security issues may emerge if applications combine non-contact products with higher risk personal information (i.e. if the product can be accessed without authorisation and valuable personal information is revealed.). We note, for example, that this issue was a particular concern during the upgrading of passports to include non-contact functionality.
- Absence of a PIN or Password
Non-contact payment facilities may, in some circumstances, result in an electronic transfer without use of a PIN, password or other code. However, this does not appear to be an issue that requires detailed consideration in the Review of the EFT Code at this stage.