Like a credit card, smart cards are small, lightweight and can be easily lost if the person is irresponsible. Unlike credit cards, smart cards can have multiple uses and so the loss may be much more inconvenient. If you lose a card that doubles as a debit card, bus pass and key to the office, you could be severely inconvenienced for a number of days.
A second disadvantage of the using smart cards is their level of security. They are more secure than swipe cards. However, they are not as secure as some in the general public would believe. This creates a false sense of security and someone might not be as diligent as protecting their card and the details it holds.
If used as a payment card, not every store or restaurant will have the hardware necessary to use these cards. One of the reasons for this is since the technology is more secure, it is also more expensive to produce and use. Therefore, some stores may charge a basic minimum fee for using smart cards for payment, rather than cash.
Possible Risk of Identify Theft
When used correctly for identification purposes, they make the jobs of law enforcement and healthcare professionals easier. However, for criminals seeking a new identity, they are like gold, based on the amount of information it can contain on an individual.