[Finance] Contactless Card Limit Could Be Scrapped

[beorhthelm]

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?

 

[PascalGroß Tips]

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?

This might help with context ...

FCA seeks views on removing the £100 contactless limit

 

[beorhthelm]

This might help with context ...

FCA seeks views on removing the £100 contactless limit

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

 

[Iggle Piggle]

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.

 

[Weststander]

When we were in Italy back in January, retailers/restaurants were surprised that we had the limit … they saw the funny side, almost mocking of it .

 

[Paulie Gualtieri]

They won’t be the first Government that thinks reducing regulation will enhance growth*

Inevitable as soon as this was announced
https://www.fca.org.uk/news/stateme...overnment-announcement-future-payment-systems

*Bounce back loans without proper due dilligence, despite industry lobby on risks? What could possibly go wrong?

 

[Bodian]

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

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".

 

[Pevenseagull]

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.

Is the correct position

 

[Herr Tubthumper]

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.

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

 

[Herr Tubthumper]

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".

I didn’t read the paper like this. More a raft of suggestions which will drive technology and in turn growth.

 

[Springal]

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.

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

 

[Herr Tubthumper]

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

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.

 

[Iggle Piggle]

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

Appreciate it's there but has to be turned on and isn't default (which it obviously will be activated for the new device).

Without it, it was open season.

 

[dstanman]

Agree should be able to set your own limit on your card. That way those who are confident with the technology and security can set a higher limit, those who are cautious can set a lower limit

 

[BNthree]

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).

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

 

[PascalGroß Tips]

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

Was quite scary the first time I made a £1,000+ payment with a sim please tap

 

[Springal]

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.

But with sim swapping rife they can easily do that

 

[Herr Tubthumper]

But with sim swapping rife they can easily do that

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?

 

[Springal]

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?

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

 

[Herr Tubthumper]

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

Fair enough. The data leaks especially, I have had emails from “people” stating passwords before.