Do you have a contactless card?

22/02/2016

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Do you have a contactless bank card? After a Facebook post went viral last week the security of contactless cards has come under scrutiny. In the post a thief was pictured scamming people out of their money through quite an innovative method.

The thief was able to put through payments of £30 or less using a wireless point of sale terminal by pressing the device onto the wallets of unsuspecting people on public transport. The reader was then able to connect with the contactless card through people’s coats and pockets.

Due to these transactions not needing automatic authorisation from banks the payments may not appear on a customer’s account for some time leaving thieves free to keep using them at will.

But in an interview with techradar, Giles Mason, Media Relations Manager for the UK Cards Association said "In order to be able receive any money from a card payment, a retailer account must be set up with an acquiring bank.

"All acquirers carry out thorough security checks before setting up an account, and monitor new accounts for any suspicious activity. Every card payment is fully traceable, right through to the recipient account, meaning if any fraud is reported the recipient is easily identifiable."

Reassuringly all transactions are traceable but our advice would be to ensure you are always aware of where your belongings are and of your surroundings, especially in tight spaces like public transport.