The idea of high-value payments being made with a tap of a card will raise concern that thieves and fraudsters will target cards.<\/p>\n
Various protections are already in place. In addition to the \u00a3100 single payment limit, consumers are often required to enter a PIN if a series of contactless transactions totals more than \u00a3300, or five consecutive contactless payments are made.<\/p>\n
The FCA’s own analysis suggests raising the limits would increase fraud losses, but said detection was improving and would continue to get better.<\/p>\n
It said any change would be reliant on providers ensuring payments were low-risk, through their fraud prevention systems.<\/p>\n
Consumers would still get their money back if money was stolen by fraudsters, according to David Geale, from the FCA.<\/p>\n
“People are still protected. Even with contactless, firms will refund your money if your card is used fraudulently,” he said.<\/p>\n
Many banks already allow cardholders to set a contactless limit of lower than \u00a3100, or switch it off completely, and the FCA expected this option to be made widely available.<\/p>\n
It argued that time savings, less “payment friction”, and a reflection of rising prices over time would make changes in the limits worthwhile.<\/p>\n
Payment terminals would also need to be altered, as most are programmed to automatically refuse payments of more than \u00a3100 by card.<\/p>\n","protected":false},"excerpt":{"rendered":"The idea of high-value payments being made with a tap of a card will raise concern that thieves…\n","protected":false},"author":2,"featured_media":126345,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16],"tags":[2306,86,56,54,55],"class_list":["post-126344","post","type-post","status-publish","format-standard","has-post-thumbnail","category-mobile","tag-mobile","tag-technology","tag-uk","tag-united-kingdom","tag-unitedkingdom"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/126344","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/comments?post=126344"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/126344\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media\/126345"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media?parent=126344"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/categories?post=126344"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/tags?post=126344"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}