Contactless... limitless

TMSG

Belenus said:

TMSG said:

I know there are banks which already allow setting a limit... unfortunately we've been very successful at selecting banks/providers who don't   

Well... we'll have to wait and see what they offer, if anything, and switch if we're not happy.

I also have to agree with @KxMx . My wife pays with her FD credit card for much of our shopping and she's almost never (perhaps once every 8 months) asked to reconfirm with her PIN. So that's dozens of transactions with probably £1k in value. OK it's always the same handful of shops but still...

The bank sees each monthly statement being paid and not queried and they see regular repeat transactions from the same shops so there is little or nothing to concern the bank.

Maybe. But I think the rules say otherwise. For instance there seems to be a cumulative limit of £300 before the PIN is again required, at least in theory. My wife regularly breaches that with her contactless FD CC.
(Anyway, don't get me started on FD, I'm probably one of a tiny minority who thinks they're overrated, to avoid a more drastic word.)

eskbanker

retiredbanker1 said:

There was a poll in Money section of the Daily Mail today - 84% of CUSTOMERS do NOT want unlimited contactless limit.

So 84% of Daily Mail readers don't want it?  I'd suggest that their demographic may not be entirely representative of the population at large....

MattMattMattUK

I am not bothered about this but I do think banks should be required to let consumers set a limit of their own, or at least for set a limit at £50 or above. That being said with banks liable for the cost of fraud on this i cannot see it being a priority for them to raise the limit and increase their exposure. I also wonder now many more years we really need to keep physical cards for, I can see by 2030 there being a real push to get rid of them and move to device payments, be that a phone, or even just a payment dongle that uses biometrics for authentication, contactless and chip and PIN are too inherently insecure.

wiseonesomeofthetime

MattMattMattUK said:

I am not bothered about this but I do think banks should be required to let consumers set a limit of their own, or at least for set a limit at £50 or above. That being said with banks liable for the cost of fraud on this i cannot see it being a priority for them to raise the limit and increase their exposure. I also wonder now many more years we really need to keep physical cards for, I can see by 2030 there being a real push to get rid of them and move to device payments, be that a phone, or even just a payment dongle that uses biometrics for authentication, contactless and chip and PIN are too inherently insecure.

The advantage of a physical card is that it does not require battery power and therefore shall not die on you.

That said, I personally rarely use a physical card myself. Not been caught out yet by a dead battery, only "cash only" shops.

[Deleted User]

KxMx said:

With Starling you can already set a limit 👍🏻

I'm concerned about HSBC, only ONCE in YEARS on my last debit card was contactless refused and a pin asked for. I was so shocked I nearly dropped the card!

My new card which is months old has asked ZERO times for a pin after being activated. 

I really hope they allow customers to set a limit 😕

Pulse credit card fares much better & asks for pin regularly.

Hsbc you can request non contactless for debit cards. 

MarzipanCrumble

I disagree with this.  The argument being made is that with google/apple wallet there is no limit because smart phones have fingerprint/facial/password recognition!  Read this:
https://www.which.co.uk/news/article/face-recognition-mobile-phones-axNDM2P9VvyO

This says depends on the smartphone.  I know my pixel 8 does not recognise my fingerprint all of the time so I have to revert to a 5 figure pin.  Ummmm.  I don't feel my smartphone is 1-00% secure, tbh.

MyRealNameToo

eskbanker said:

retiredbanker1 said:

There was a poll in Money section of the Daily Mail today - 84% of CUSTOMERS do NOT want unlimited contactless limit.

So 84% of Daily Mail readers don't want it?  I'd suggest that their demographic may not be entirely representative of the population at large....

It would be scary if the readers of the Daily Hate were representative of the majority

Grumpy_chap

I am unclear as to how we, the collective we including individuals and financial institutions can be protected against a limitless contactless spend facility if the card falls into the hands of the incorrect people. 

It is not enough to simply say that individuals are protected because the financial institutions will reimburse them as, ultimately, that cost still falls on us all to pick up the tab through the charges and fees that the financial institutions need to apply.

There is also a risk of error.  I think people may not be particularly diligent when paying by contactless in actually checking the value displayed on the screen.  We should all be, but the reality is otherwise.

retiredbanker1

eskbanker said:

retiredbanker1 said:

There was a poll in Money section of the Daily Mail today - 84% of CUSTOMERS do NOT want unlimited contactless limit.

So 84% of Daily Mail readers don't want it?  I'd suggest that their demographic may not be entirely representative of the population at large....

Can I ask then for you to find a poll anywhere in favour of removing the limit of £100?

eskbanker

retiredbanker1 said:

eskbanker said:

retiredbanker1 said:

There was a poll in Money section of the Daily Mail today - 84% of CUSTOMERS do NOT want unlimited contactless limit.

So 84% of Daily Mail readers don't want it?  I'd suggest that their demographic may not be entirely representative of the population at large....

Can I ask then for you to find a poll anywhere in favour of removing the limit of £100?

That's a strawman - I'm not claiming that there is such a poll, and certainly don't intend to devote any time to looking for one!

It's completely academic anyway, in that the change is happening, after a consultation exercise, so opinion polls are pointless at this stage, but it's hardly news that a poll of an ageing and reactionary readership, known to be susceptible to scaremongering, will produce a result like that....