by TerranceBoyce
Fri Sep 12, 2014 10:22 am
http://www.expressandstar.com/business/uk-money/2014/09/12/card-fraud-hits-record-174-5m/?
This comment about 'contactless' card payments interests me, especially as I find that my card has been given this capacity without my agreement.
By simple logic 'contactless card' fraud isn't appealing to criminals as the amount involved is typically restricted to £20, and any payment system with such a restricted limit is evidencing issuer concerns about its security. That there is any fraud associated with it is a concern. There shouldn't be any.
September 12, 2014
The growing trend of internet shopping has helped to push up the figure to the biggest half-yearly total ever recorded by Financial Fraud Action UK, which prevents crime on behalf of the financial services industry.
Within the latest half-year total, e-commerce fraud loss is estimated to be £110 million, marking a 23% jump compared with the first six months of 2013.
This comment about 'contactless' card payments interests me, especially as I find that my card has been given this capacity without my agreement.
The body also said that fraud on contactless cards which allow people to pay for low value items by swiping their card on a reader continues to be "negligible".
Some £51,000 was lost on contactless cards over the first six months of the year, representing just 0.007% of all contactless spending.
By simple logic 'contactless card' fraud isn't appealing to criminals as the amount involved is typically restricted to £20, and any payment system with such a restricted limit is evidencing issuer concerns about its security. That there is any fraud associated with it is a concern. There shouldn't be any.
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