As a banking group pushes to raise the contactless payment limit to £100, we take another look at whether the technology really is as safe as banks claim, and how you can keep yourself safe.
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Contactless limit could rise to £100
The UK Government is facing calls to dramatically increase the contactless limit from £45 to £100 in order to make payments safer.
UK Finance, the banking trade body, claims the increase would help further reduce the need to hand over cards or make any physical contact when paying in shops – a big plus during the coronavirus pandemic.
The contactless payment limit was only increased from £30 to £45 last April, in part because of the pandemic but also in line with changes seen in many Europen countries.
According to The Times, the banking industry has positioned the proposed increase as not only more hygienic but that it also "could be seen as one of the first concrete examples of Britain parting company with Brussels on standards".
Time will tell whether the Government acts on the suggestion to increase the limit, but there's no question some shoppers would be nervous about the prospect of being able to part with such huge sums of money with no authentication needed.
So how safe is contactless really? The rest of this article runs through some of the most common security concerns and myths that surround contactless payments to help you stay better informed.
It's VERY difficult to steal directly from a contactless card
Contactless “skimming” is a fraud risk
Lost and stolen cards CAN still work months after cancelling
What about ApplePay and Google Wallet?
Keep yourself safe from contactless fraud
Contactless payments offer a convenient way for consumers to pay for goods but, like most technology, come with a handful of security concerns that everyone should be aware of, but not scared of.
With that in mind, here are some top tips to help keep yourself safe from contactless-based fraud:
- RFID-blocking wallets, or a few sheets of thick tinfoil, will block any wireless signal from leaving your wallet without your knowledge;
- Some banks offer non-contactless cards to their customers, but you have to ask. Contactless is very much the standard-issue these days;
- Using systems like ApplePay and Google Wallet gives an extra level of security when paying and don’t transmit your card details without your consent;
- Report any cards that are lost or stolen immediately to your bank, and keep an eye on your bank statement for suspicious transactions.