With many of us now in possession of a contactless card which can be used to make quick and easy payments, it is worth checking how secure they actually are. The advantage of using contactless means that you no longer have to enter a pin number for purchases less than £30, so if you’re just paying for a coffee or sandwich you can quickly flash your card by the reader and be done within seconds. If you have an Apple watch or certain phones you can set contactless up on these meaning you don’t even need to have your card with you, you simply present your device at the card reader and complete your purchase.
It is worth noting that contactless fraud payments only equate to 2.5% or all card fraud payments, so the risk is relatively low. Banks do set a £30 limit per transaction but many of them do not set a limit as to how many times this can be used per day, meaning if someone does get hold of your card they could spend quite a bit of money in a short space of time.
For someone to be able to steal the money from your account through a contactless transaction they would need to be only centimetres away from you and have a retail account. Retail accounts are very hard to set up and banks carry out lots of checks. Although there are risks with contactless payments, it seems the risks are very low.