For years, we've been swiping credit cards through machines that can read our information on these magnetic strips.

And earlier this year, KIRO 7 Consumer Investigators warned you about a new way of simply waving credit cards that might be more convenient for you, more profitable for the credit card industry, but potentially more dangerous to your pocketbook.

Now, Consumer Reports is issuing the same warning that KIRO did months ago.

VISA says it's literally the next wave for consumers. Paying for something by waving your credit card in front of a special reader, VISA'S pay wave technology is offered by 41 card-issuing banks around the world, including Wells Fargo, and is accepted by more than 32,000 retailers.

The cards use microchips and radio waves, called RFID, to transmit encrypted information.

You don't need to sign for most purchases under $25 and that means speedier checkouts.

Sure, it's convenient, but Greg Daugherty of Consumer Reports' Money Advisor warns there could be a downside to waving all that personal information through the air.

"The card issuers deny it, but some people think this technology exposes you to greater security risks, such as identify theft. There's concern about a tactic called "skimming", when a thief could use a portable card reader to literally skim your encrypted information out of the air," said Daugherty.

A Seattle team of identity security experts warns of the potential dangers of wave to pay technology.

"Consumers aren't really aware of what the impacts might be of carrying around that sort of information," said security expert and self-proclaimed hacker 3ric Johanson.

They showed KIRO 7 Consumer Investigators earlier this year just how easy and cheap it is to access some encrypted credit cards.

"We bought this reader on eBay for $8 dollars and plugged it into a computer and were able to just read other people's cards," said security expert Pablos Holman.

"Could you walk up to somebody and hold it up to their wallet?" KIRO 7 Consumer Investigator Amy Clancy asked.

"Sure, definitely, I could just hold it up to your wallet or purse and just get your card number," said Holman.

VISA, and other credit card companies that use this RFID technology, insist the information on your card can only be processed by secure readers at authorized merchants, and VISA's pay wave cards are covered by the company's "zero liability" policy, meaning you're not responsible if a thief steals your information.

But, there are other potential pitfalls.

"You may not get a receipt on transactions under $25 unless you ask for one, which could be a problem if you want to return something," said Daugherty.

And, a study by the Smart Card Alliance found consumers spent an average of 20 to 30 percent more when using the pay wave technology. So, be careful if you wave to pay. Even if you don't get ripped off, you may find yourself deeper in debt.

Retailers say "wave to pay" and such RFID technology is less expensive for them and increases productivity.

So even with its potential pitfalls, wave to pay is coming, like it or not.

Your card may already have it.