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Contactless card security

In light of growing concerns about alleged and unverified reports of contactless card fraud The UK Cards Association along with Financial Fraud Action UK (the membership body is responsible for leading the collective fight against fraud in the UK payments industry) has published information on the truth about contactless card security and fraud.

The information notes there has never been a verified report of theft from a contactless card fraud via an unauthorised transaction. Every card payment is fully traceable.

Fraud on contactless cards remains low, with £2.8 million of losses compared to spending of £7.75 billion in 2015, equivalent to half of one per cent of overall card fraud.

Contactless cards are inbuilt with a robust security system. Any technology which can read a contactless card can only obtain the card number and expiry date, information available from looking at the front of a card.

The vast majority of online retailers require additional data, such as the card security code, along with the cardholder's address, which cannot be harvested electronically. Any retailers that do not will do so at their own risk and they will be liable for any fraudulent transactions.

Contactless cards need to be presented correctly to a card reader for a transaction to take place. Any metallic objects in the same pocket as a contactless card, including keys, mobile phones or other cards, would make it extremely difficult, if not impossible, to complete a transaction.

Customers are fully protected against fraud. If you think you have been a victim of fraud you should contact your bank immediately.

Anyone who is a victim of fraud will get their money back.

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