MSE News: Banks must take action over contactless card security flaw, says leading MP

Arleen

boo_star wrote: »

I would assume that any retailer who overrides the contactless limit will become liable for any fraudulent transactions.

If they want to take the risk, that's their problem.

Any tampering with this would not only be instantly detected the moment transaction goes online (system knows that it was contactless payment) but it would also get that marchents account suspended, usually immediately.

Don't give into fearmongering. Yes, when contactless card is stolen then it can be used to make some transactions, that is true and that cannot really be fixed, it can only be hidden from customer by not showing him transactions made past reported date (something banks will surely implement soon enough).
But the alternative to contactless is not chip&pin - carrying cash is. And when someone nabs your wallet with 60 quid in it that you carry for small shops and pints at pub, then you will never see the money back.

boo_star

Arleen wrote: »

Any tampering with this would not only be instantly detected the moment transaction goes online (system knows that it was contactless payment) but it would also get that marchents account suspended, usually immediately.

Don't give into fearmongering. Yes, when contactless card is stolen then it can be used to make some transactions, that is true and that cannot really be fixed, it can only be hidden from customer by not showing him transactions made past reported date (something banks will surely implement soon enough).
But the alternative to contactless is not chip&pin - carrying cash is. And when someone nabs your wallet with 60 quid in it that you carry for small shops and pints at pub, then you will never see the money back.

Err, no.

The system isn't anywhere near as restrictive as you think it is.

Retailers can throw caution to the wind if they want, they just have to shoulder all the responsibility if they do.