You don’t expect a bank account to withhold being defrauded after you put a finish on your cards,but the rise of wave and pay’ can mean just thatConsumers are at risk of falling victim to fraudulent payments made on contactless credit and debit cards that gain already been cancelled following a loss or theft.
Guardian research has revealed that banks do not automatically check many contactless payments, allowing thieves to continue to use stolen cards even after they gain been cancelled. This is because some payments – such as when contactless cards are used to pass through London’s tube network barriers – are waved through as offline transactions and only checked later. One bank told the Guardian that virtually all transactions for less than £15 were not immediately checked.
Continue reading...
Source: theguardian.com