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14 April 2016: The growing use of contactless technology at the checkout is relatively safe from high-tech crime, according to a report by ��������Ƶ cybersecurity expert Nigel Phair.

Mr Phair, director of the Centre for Internet Safety at the University, has analysed data related to contactless card use and security risks in Australia, finding several benefits for merchants and customers thanks to this new technology.

“Contactless payments are a faster, cheaper and overall more convenient way of making a purchase,” Mr Phair said.

“People will adopt the technology for these reasons, but any loss of confidence or trust in the technology could derail its uptake.”

Mr Phair’s report, , indicates that there was a 42 per cent growth in contactless card accounts in Australia between 2014 and 2015, and those familiar with the technology are using it more frequently and for relatively small transactions.

“Almost 90 per cent of all tapped transactions are worth less than $50, and 31 percent are below $10,” he said.

Along with increased convenience, the report also found the transaction cost is lower for merchants at almost half the cost of a standard EFTPOS transaction.

Despite the increasing popularity of this technology, Mr Phair said banking and finance companies need to be attentive to addressing any security concerns around contactless transactions to ensure its growth.

He explained that card users, including contactless cards, are often protected by financial institutions’ zero liability policies.

Zero liability is offered by many banks and card providers when credit cards are reported stolen, preventing thieves from accruing large debts for the victim.

“Most have the technology to detect fraudulent card activity and they act quickly to stop misuse, but there is always going to be some level of wrongdoing around the use of cards and technology,” he said.

“People need to treat their cards like cash, to handle them securely, but they can be confident, because we see that as contactless transactions become increasingly common, the proportion of fraud and theft continues to decline.”