Contactless payment over £/€30
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Hadn't heard that but I cut the corners off my CC anyway.
I did this partially for security reasons but I also became aware, when I was using contactless, that I was becoming less aware that I was spending money or rather I wasn't retaining the recognition that I'd just spent X. I know it is limited to £30 but when you are on a day out, it becomes very simple, very easy.
Absolutely this. I am generally ok as I mostly use my credit card for day to day spending (for avios points accumulation) and as soon as I make a transaction (contactless or chip and pin) I log in to my current account to pay off that amount; this is my way of controlling what is going on the card. The obvious flaw in this is nights out in a bar or restaurant where I may forget to do so and the transactions can rack up, especially as they don't give you a receipt by default.
Whenever I get request a new debit card from the bank I ask for non-contactless (presumably this will be not possible in the near future) but I definitely will be cutting the corners off my debit card to disable contactless. Good tip, thanks.0 -
It's not a flaw, it's the way offline payments (of all types, not just contactless) work.
Perhaps 'flaw' was the wrong word then. My point is I really don't think it should be allowed. Could banks not have just introduced contactless as 'online' payments to mirror chip and pin? Off the back of bank scandal after bank scandal it is quite shocking that they'd open up customers to more ways of being de-frauded when there is seemingly a very simple way to prevent it.0 -
Chip and PIN is not always online, so that comparison fails too.0
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Chip and PIN is not always online, so that comparison fails too.
Fair enough, wasn't aware. In my experience only, all chip and pin transactions I've done have been reflected in my available balance and zero contactless ones have, so you can see how I came to that conclusion.
I get that it benefits the banks, but what is the actual benefit of contactless to the consumer, other than saving 1-2 seconds per transaction which, unless you spend a large chunk of your day buying stuff on card, is really, really insignificant?0 -
Research has shown that contactless transactions take about half the time of Chip & PIN ones:I get that it benefits the banks, but what is the actual benefit of contactless to the consumer, other than saving 1-2 seconds per transaction which, unless you spend a large chunk of your day buying stuff on card, is really, really insignificant?
http://www.londonlovesbusiness.com/business-news/business/-uk-consumers-save-34-years-by-using-contactless-cards/12758.article:
The technology comes into its own when embraced by organisations such as Transport For London though, where the convenience of waving a contactless card when travelling is an alternative to the entire traditional ticket-buying process and allows significantly greater throughput of passengers.It takes the average person less than five seconds to transact when using a contactless payment card, with this time-span doubling for payments using a chip and PIN card.0 -
If only I had a chip 'n' pin scanner, I'd stand by those Tube turnstiles all day
Personal Responsibility - Sad but True
Sometimes.... I am like a dog with a bone0 -
Woah, a whole 5 seconds saved. My head has been turned then.Research has shown that contactless transactions take about half the time of Chip & PIN ones:
http://www.londonlovesbusiness.com/business-news/business/-uk-consumers-save-34-years-by-using-contactless-cards/12758.article:The technology comes into its own when embraced by organisations such as Transport For London though, where the convenience of waving a contactless card when travelling is an alternative to the entire traditional ticket-buying process and allows significantly greater throughput of passengers.
Yes, I get the benefits in situations like train and underground stations, conversely the London Underground and similar must be an absolute joy for contactless card scammers.0 -
I am really not a fan of contactless full stop, but raising the limits again just seems to be asking for trouble; drop card/have it stolen in a bar/restaurant and one could be billed hundreds in smaller transactions before they have even noticed that it is not in their pocket. Has society become so lazy that this solution is better than spending 1-2 seconds entering a pin number? What other benefits are there? Must be benefits to the banks otherwise they wouldn't do it.
A lot of people use this argument but how many people do you know who have actually had money stolen due to contactless payments?. It doesn't happen hardly at all and when it does happen people get all their money back. If it was actually a big problem then the banks wouldn't be pushing contactless so much and agreeing to refund any fraud immediately.Woah, a whole 5 seconds saved. My head has been turned then.
Yes, I get the benefits in situations like train and underground stations, conversely the London Underground and similar must be an absolute joy for contactless card scammers.
I can guarantee you will not be able to find even one case of someone skimming contactless cards to steal money. Even if someone was silly enough to try this they would need to have a card reader and a merchant account to collect the money. But as soon as a few people reported the lost money they would be very easy to track down and prosecute. Also considering that it takes a few days to receive the money from a card payment they would likely be stopped before they got a penny.
So there are lots of scare stories but in reality your very unlikely to be affected it.
The real benefit of contactless is places such as the london underground where there is a high throughput of people and allowing devices such as watches and mobile phones to be used to make payment.
But when it comes to card payments then why should we have to enter a pin when it isn't needed. The pin doesn't protect the user of the card it only protects the bank and they can use it to prove you made a transaction if you question it. If there is any fraud the only party to loose out are the bank so if they say we don't need to use a pin for some transactions then i'm certainly not going to complain.0 -
A lot of people use this argument but how many people do you know who have actually had money stolen due to contactless payments?. It doesn't happen hardly at all and when it does happen people get all their money back. If it was actually a big problem then the banks wouldn't be pushing contactless so much and agreeing to refund any fraud immediately.
I can guarantee you will not be able to find even one case of someone skimming contactless cards to steal money. Even if someone was silly enough to try this they would need to have a card reader and a merchant account to collect the money. But as soon as a few people reported the lost money they would be very easy to track down and prosecute. Also considering that it takes a few days to receive the money from a card payment they would likely be stopped before they got a penny.
So there are lots of scare stories but in reality your very unlikely to be affected it.
The real benefit of contactless is places such as the london underground where there is a high throughput of people and allowing devices such as watches and mobile phones to be used to make payment.
But when it comes to card payments then why should we have to enter a pin when it isn't needed. The pin doesn't protect the user of the card it only protects the bank and they can use it to prove you made a transaction if you question it. If there is any fraud the only party to loose out are the bank so if they say we don't need to use a pin for some transactions then i'm certainly not going to complain.
Good points, well made.
I don't have the stats to back it up but I find it hard to believe that there has not been a significantly higher amount of fraudulent transactions using contactless v chip and pin. I also imagine that the banks would only release information to make the system sound positive, or manipulate the reality to make it sounds positive. But that would mean banks manipulating something for their own benefit and I cannot believe they'd ever do that.0
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