Security KeyResearchers at Newcastle University claim to have found a security flaw in the new VISA contactless credit card released in the UK, which the company is pressing to be fully adopted by businesses accepting VISA by 2015.

According to the report, the researchers found that thieves could potentially create a ‘pocket reader’ that could be passed over a wallet laying on a surface, or bumped into someone’s purse or pocket, and charge withdraw funds from the card. They found that they were able to perform this theft with only a couple seconds to confirm the transaction.

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