Are banks putting you at high risk of becoming a fraud victim ?

I noticed while shopping some time ago, a metal case wallet to replace my current worn leather wallet. This wallet, amongst other superiority claims, would ostensibly provide protection against fraudulent use of my private banking authorisation information.

Somewhat intrigued, I discovered that there are devices in common use, which can read the information from the chip on your smart cards, while they are in your wallet and from a considerable distance.

I know that waiters attach card readers to their ankles, for example, and will drop your card while handling it at your table and swipe it when retrieving it from the floor.

I also know that the information gleaned by this method can be communicated across the globe within minutes and fake cards produced and used on that very day without you realising your security has been compromised.

If a skimmer is capable of such things then the chip reader is a far greater risk as the card does not need to leave the 'security' of your pocket, bag or wallet. In fact these readers can read multiple cards almost simultaneously within their maximum range of a few feet.

If companies are producing wallets to protect against such activity, surely banks should be sufficiently aware to have taken action and implemented better security measures by now.

As I see it, banks design the transactional systems, or at least authorise and employ such designs and systems. They produce and supply the cards. They also hold you responsible for keeping access information private and secure.

How is it they are permitted to put us at the risk these systems present without themselves being the accountable party?

Banks are responsible for the safety of these systems and your relevant assets and should be held responsible by law.

There is little doubt that far superior security measures could easily be designed and implemented and there must be a reason why they are not. I suspect it is not a healthy reason since those capable of producing these methods of payment are more than capable of appropriate security systems and should be obliged to provide such.

This seems to be the perfect time for citizens to turn the tables and protect the people against the negligence of institutions geared to serve only the wealthy on the pretence they are serving the people.

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While searching for an image of a portable RFID chip scanner I found this link which covers the information I need reference for this article : Images, vids and a similar article

Additional information for your protection also came to light on further investigation which I will summarise here :

1. A claim that the card machine you just entered your information into is not functioning and another machine should be used is a red flag as the first device may well collect your information for fraudulent use. You should check such situations with a senior staff member.
2. Study the differences between fake and authentic devices, available on the Internet.
3. Insist on inserting, removing or swiping your card yourself.
4. Touch all number keys on the keypad to avoid the identification of relevant numbers by a thermal scanner.
5. Ensure that no one can see or record your pin entry.
6. Make certain you get your own card back if it ever leaves our grasp.
7. If you are suspicious, use cash.

Here is an additional source link to information provided.