Is contactless payment safe and should you use it?

payment device and card

 

I was paying for classes at my local fitness centre and I was asked if I used contactless payment. I said I didn’t because I was concerned about how safe this was as I heard someone had lost their card and someone else at the same bar picked up the card and used contactless payment.

I said I didn’t because I was concerned about how safe this was as I heard someone had lost their card and someone else at the same bar picked up the card and used contactless payment.

The lady at the reception desk asked me to look into the safety of contactless payment as she said she has concerns about using this payment method.

What is contactless payment?

Contactless Payment is a fast and secure way of purchasing products or services with a credit or debit card for goods under £30.

Instead of putting your card into and chip and pin device and typing in your card number all you have to do is tap your card near a point-of-sale terminal – leading to the nickname “tap-and-go”.

You can also use mobile phones, watches, wristbands, key fobs and stickers to pay for goods.

How do I know if my device will work on contactless?

Your card will work if you have the contactless symbol on the front or back of your card.

For larger transactions of £30 and above you will need to use the chip and pin.

Pros              

A quick way of paying for goods

Ideal if you are constantly forgetting pin numbers

Contactless cards are built using the same secure system as Chip & PIN.

Every contactless card includes a range of tight security measures which protect you against fraud.

Cons

Yes, a fraudster can steal details from your contactless card, however, they would have to be close enough to be able to read your card. Even then, they would only get the card number and expiry date which is the same information you see by simply looking at the front of any card.

There’s no way anyone can access to the important details such as the security code on the back of the card, your name and address, or bank account details.

You could accidentally end of paying for someone else’s shopping by walking past the till.

If you have several contactless cards your purse or wallet, you could end up paying for your shopping several times on each card.

If you lose your card someone could end up using your card, however, they can only spend a maximum of £30 in any single contactless transaction.

Is contactless payment secure?

According to the UK Card Association, “A quarter of all card transactions are now made via contactless, new figures from The UK Cards Association show.

325 million purchases were made using contactless debit and credit cards in November 2016, accounting for 25 per cent of all card payments in the month. ”

I’m still undecided on whether I will start using contactless payment because there is still a lot they need to sort out before I can be confident about using this method.

Do you use contactless payment? What are your thoughts on contactless payment and its security?

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