Contactless Payment Cards Can STILL Be Used AFTER You Cancel Them!!!

I have just been reading that cancelled cards by contactless cardholders are still being used up to 8 months later by criminals to buy items in shops. An investigation  was done by the famous consumer website moneysavingexpert.com.

So if you use a contactless payment card (also known as tap and go technology) and it has been lost or stolen you should comb through your statements to check for fraudulent transactions which may not have been flagged by your bank.

The problem is borne from the tap-and-go technology loophole which allows thieves to make a so-called "offline" payment without the bank which has issued the card being informed.

so the only way to see if these payments have been made is by going through your bank statements!

Because offline payments are stored in batches by the retailers & they are processed online to the bank at a later point, sometimes it can take a few days later with smaller stores. 

This is how a thief buying goods on a stolen card could go unnoticed.

Other payments such as larger stores which are processed online can mean that the card & payment machine will immediately communicate with the customer's bank.

& so if a lost or stolen card has been already cancelled, this will be flagged immediately & the payment will not be allowed.

Although Fraud on contactless payment cards are rare & considerably much lower than overall card payment fraud after reading about this I will now have to think twice 

when using contactlesss payment, even though they are very convenient to use.

I hope you have found this post valuable & please share this with your friends & family. 

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