Phones can be used for more than just wasting time at work. Recent advancements in payments technology means you can also use your smartphone to make instant contactless payments without needing to dig out your credit card.
Regardless of whether you think the smartphone has changed the world for better or for worse, there’s no denying it has its uses. You can use it to open and close various apps while you’re bored, and you can use them to avoid making eye contact with strangers on the bus.
The invention of the smartphone has lead to many problems in our modern society, like the ability to create an Instagram account for your dog that isn’t as cute as you think it is. But one positive of the smartphone era is the ability to make instant contactless payments without needing to dig out your credit card.
In the eyes of scammers and thieves, credit cards are the holy grail. Data from the Australian Payments Network shows that over the 2017-18 financial year, credit card fraud grew by 4.8% to $565 million – more than five times the amount lost to other scams put together.
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