Well with contactless payments a unique CVV is generated by the card for every transaction. The attacker would have to steal the card info, CVV, and use it to purchase something before the victim uses their card again or the card will automatically be disabled by the payment processor. In any case they can only make a fraudulent purchase once for every time they trick the card. That's certainly better than the current situation where once your card is compromised you are screwed.
Comments
Well with contactless payments a unique CVV is generated by the card for every transaction. The attacker would have to steal the card info, CVV, and use it to purchase something before the victim uses their card again or the card will automatically be disabled by the payment processor. In any case they can only make a fraudulent purchase once for every time they trick the card. That's certainly better than the current situation where once your card is compromised you are screwed.
Sources:
research - https://www.shmoocon.org/2012/presentations/Paget_shmoocon20...
presentation - https://www.youtube.com/watch?v=HRXb-FZ6WFM
summary - http://www.forbes.com/sites/andygreenberg/2012/01/30/hackers...