How to protect yourself from fraud as contactless limit increases  

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The contactless limit on the amount you can spend using contactless bank and credit card payments increases today (15 October) from £45 to £100. During the Pandemic more of us have been using contactless payment as it’s quicker, easier and a more hygienic way to pay for goods and services without having to enter a PIN and touch a device. 

The new limit of £100 is to give us more choice when making purchases in store. More than 25% of all payments made in the UK last year were by contactless and for many people, it’s now their preferred choice.  

 Are contactless payments safe? 

  The question we all want to know is, are contactless payments safe? Originally when contactless was introduced we could only pay up to £10 by contactless, that increased from £30 to £45 in April 2020 and now £100.  

Each contactless card has a built-in security check which is why from time-to-time we’re asked to enter our PIN when paying for items. If you fall victim to fraud, you’ll get all your money back and not be left out of pocket. The threshold for multiple contactless transactions before a customer is required to enter their PIN will also rise from £130 to £300.

This means if your card is stolen, this is the maximum fraudsters are able to spend before they’re asked to enter the PIN. Now this is a concern obviously, as you must prove those transactions were not made by yourself. It is also a general inconvenience as no card equals no money and the time taken trying to stop the card and obtain the refund can be lengthy. 

How to protect yourself from contactless card fraud 

  Keep your card out of sight 

  • Make sure your card is not easily accessible as this increases the chances of your card being ‘skimmed’. It has been known for fraudsters to use skimming devices, allowing them to read the detail held within the magnetic stripe on the back of your card. 

Ask for a receipt 

  • Always ask for a receipt when making a purchase, this will allow you to confirm that you paid the correct amount. 

Check your account regularly  

  • Regularly checking your bank statements means you can spot unusual transactions on your account. 

Report lost or stolen cards 

  • You should contact your bank straight away if you lose your card or think it might have been stolen. 

Mobile phone security 

  • If you use your phone to make payments use a strong passwords or pin numbers  
  • Set up text or app notifications for when payments are made