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    Contactless credit cards with RFID are easily hacked

    A blog posting on BoingBoing provides further discussion as to the
    inappropriate deployment and of RFID chips within the existing payment
    marketplace.

    http://www.boingboing.net/2006/10/23/report_contactless_c.html

    The underlying point of this article is, the card schemes and banks said they are using key rotating encryption of all data between the card and the acquirer/issuer, but this is clearly not the case in many situations.

    Another interesting paper is ‘RFID Payment Card Vulnerabilities Technical Report’ located at:

    http://www.nytimes.com/packages/pdf/business/20061023_CARD/techreport.pdf

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