A new pocket-sized protector launched by personal security technology company Vaultskin could be a valuable tool in the battle against contactless credit card fraud. VAULTCARD addresses growing concerns over personal banking data safety, accessible via Radio-Frequency Identification Technology (RFID) skimming devices commonly used by fraudsters.
According to a NASDAQ study credit card fraud tripled between 2013 and 2014, with more than 30 million people being victimized.
VAULTCARD is a credit card-sized device which employs proprietary technology based on military jamming signals to guard contactless payment cards from RFID fraud. Priced at $35, VAULTCARD can protect multiple cards inside wallets up to eight centimeters thick. They can also be placed inside electronic passport holders.
According to Vaultskin, VAULTCARD has a distinct advantage because competing products use metal foil or white noise-based jamming technologies susceptible to blind spots. It automatically activates upon sensing of an RFID scanner by activating an electromagnetic jamming barrier. Once the contactless card is removed from VAULTCARD’s vicinity, contactless cards can still be enabled for actual purposes.
“Contactless credit card fraud poses a very real and dangerous threat to consumer data safety, and without a tangible solution from the personal banking industry, professionally engineered products are required to solve the issue,” Vaultskin CEO Thomas Kaprov said.
It has taken plenty of effort for VAULTCARD to reach this point, Mr. Kaprov continued. “VAULTCARD’s highly sophisticated technology was developed as a result of more than two years of extensive research and development, involving dozens of prototypes, and is the most advanced and effective RFID protection solution available today.”