[Finance] Contactless Card Limit Could Be Scrapped

beorhthelm said:

the original principle of contactless was to be more convenient while improving security: fewer uses of PIN, fewer opportunities for being seen/scanned/cloned. if you make all contactless you get marginal more convenience (how often do you go over current limits?) with net poorer security.

where is the demand for a higher limit coming from?

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PascalGroß Tips said:

This might help with context ...

FCA seeks views on removing the £100 contactless limit

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beorhthelm said:

"economic growth" sure, people decide to buy something on whether they have to tap or PIN. daft.

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thedonkeycentrehalf said:

I would hope that banks will allow you to set your own limit. Personally, I am quite happy to keep a lower limit as it reduces any risk if my cards were stolen/lost and it really isn't an inconvenience to put in a PIN when I do spend more.

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Iggle Piggle said:

My wife's phone was recently nicked and they obviously clocked her pin as it was locked when it was pilfered (probably stood behind her at a bar)

Kin hell. 2 Grands worth of transactions, changed all the passwords and still unearthing stuff days later. 2FA is useless when you lose your phone. In fact, it's worse than useless as it becomes the criminals mate and took us days to get apple account back.

Go Biometric and limit what payment you have on your phone is my advice.

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Bodian said:

Precisely - what a load of nonsense. "Oh, it's £900 is it - well I can't buy that as I'll have to tap four digits into the machine - sorry".

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Iggle Piggle said:

My wife's phone was recently nicked and they obviously clocked her pin as it was locked when it was pilfered (probably stood behind her at a bar)

Kin hell. 2 Grands worth of transactions, changed all the passwords and still unearthing stuff days later. 2FA is useless when you lose your phone. In fact, it's worse than useless as it becomes the criminals mate and took us days to get apple account back.

Go Biometric and limit what payment you have on your phone is my advice.

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Springal said:

The fact so much still uses SMS is 2FA is horrendous. I’m surprised its still allowed, was the biggest factor in some fraud my mum suffered and why it to took so long to fix

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Herr Tubthumper said:

If she has an iPhone there’s a thing called Stolen Device Protection. This helps stop the very things you’ve mentioned.

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PascalGroß Tips said:

I hardly ever make contactless card payments these days. I use Apple Pay - which generally has no upper limit due to the additional security of biometric data (although retailers sometimes set their own transaction limit).

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BNthree said:

Same here, very rarely use my actual card and instead just tap my phone. Have made £1000+ purchases like that before.

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Herr Tubthumper said:

Isn’t this more to protect online stuff ? I.e. someone will need your phone and your password to log onto an online account. They can’t do this is remotely as they they need the phone.

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Springal said:

But with sim swapping rife they can easily do that

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Herr Tubthumper said:

Not quite following. If someone had my SIM and popped it in their phone I agree they can received SMS messages. But they will also need my online password to get access i.e. they only have one of the two factors they need?

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Springal said:

It’s common now to get into someone’s email via phishing or known passwords via data leaks, initiate a sim swap to get control of a mobile number and then the combination of having access to an email account + a sim means you can get in to quite a lot. Like I say very common now

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